03 Apr '13, 7pm

Here’s a simple, 60-second primer on Bitcoin

And here’s a five-sentence summary: Bitcoins are a virtual currency in which new coins are created by a slow, complex computer process known as “mining.” Once a person acquires a Bitcoin, he or she can trade it online to anyone who will accept it as payment for goods or services. Right now, a single Bitcoin is worth about $140 in U.S. dollars, though that value fluctuates. There are 11 million Bitcoins now in existence, and once 22 million have been created, all mining will effectively cease. The currency isn’t regulated by any central bank.

Full article: http://www.washingtonpost.com/blogs/wonkblog/wp/2013/04/0...

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