04 May '13, 9pm

3 minute video offers crash course on how Bitcoin works

3 minute video offers crash course on how Bitcoin works

T he subject of Bitcoin pops up on occasion when you’re dealing with technology. The virtual currency is gaining traction with the computer-savvy crowd, but is still mostly unknown to the general public. You’ve probably heard that Bitcoins are worth a ton when converted to “real” currencies, but how much do you really know about how Bitcoin works? If only there was a handy 3 minute video to explain it… Bitcoin mining, as explained in the video, used to be a simple process when the currency was getting underway a few years ago. You could contribute a fairly small number of CPU cycles and end up with some Bitcoins. As more miners started searching for their digital fortunes, it has become harder to make substantial amounts without multiple PCs cranking away 24-7. This is because Bitcoins, as you’re now aware, are limited in supply by design. This is a totally new way to thin...

Full article: http://www.geek.com/apps/3-minute-video-offers-crash-cour...

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