30 Jan '14, 9pm

BITCOIN: How It Works, And Why It Could One Day Threaten Legacy Payments Tools Like Credit Cards

BITCOIN: How It Works, And Why It Could One Day Threaten Legacy Payments Tools Like Credit Cards

Provides an easy-to-understand explanation of how Bitcoin works as a payments system, including the anatomy of a Bitcoin transaction and a description of the Bitcoin blockchain. Along with a number of Bitcoin insiders which we interviewed for our report, we believe Bitcoin's greatest potential is as a global payments network. Unlike government-backed currencies, Bitcoin's elegant design places a strict limit on how many units can be created — 21 million. But each coin can be divided into 100 million pieces, which will allow it to scale as a payments technology. Bitcoin's daily average transaction volume stands at just $89 million compared to $16.5 billion for Visa and $9.8 billion for MasterCard. In a nutshell, Bitcoin allows for the simple and secure transfer of value online, without intermediaries. There are many players in the Bitcoin ecosystem that help to make this ha...

Full article: http://www.businessinsider.com/why-bitcoin-has-the-potent...

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