14 Apr '13, 9pm

Finally, a simple explanation of bitcoins

The digital currency Bitcoin might seem like a baffling trend. But tech geek Mark Fennell and cartoonist Duncan Elms are here to help. Fennell and Elms took time between their day jobs to make "Bitcoin Explained ," a video explanation of the digital currency. The video launched on April 7, a day before the value of all Bitcoins reached more than $2 billion and two days before the price of one Bitcoin reached $200 . To summarize the video, Bitcoin is a digital currency that's not backed by any government. Instead, it's engineered to operate like a commodity currency. The units are "mined" by computers with spare processing power, and 50 Bitcoins are mined approximately every 10 minutes, thus lending a measure of artificial stability to the currency. Only 21 million Bitcoins will ever exist, according to the currency's pseudo-anonymous developer , yet only about half of thos...

Full article: http://www.huffingtonpost.com/2013/04/10/bitcoin-video-vi...

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