07 Apr '13, 3pm

What You Need to Know About 'Bitcoin' Currency

What You Need to Know About 'Bitcoin' Currency

Sure, you can buy Bitcoins with money. But you can also play prospector and "mine" them as well. You do this by using your computer to hunt for 64-digit numbers. By having your computer repeatedly solve puzzles, you're competing with other miners to generate the number that the Bitcoin network is looking for. If your computer generates it, you receive 25 Bitcoins. The Bitcoin system is decentralized and programmed to generate a fixed number of Bitcoins per unit of computing time. Currently, it's set at 25 Bitcoins for every 10-minute block. In 2140, the total number of Bitcoins in circulation will be capped at 21 million. In other words, the Bitcoin system is self-sustaining, coded to prevent inflation, and encrypted to prevent anyone from disrupting its code.

Full article: http://www.entrepreneur.com/slideshow/226293

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