29 Jun '15, 7pm

theSKIMM'S GUIDE TO BITCOIN

Bitcoin is still a thing -- a thing people are confused by. Turns out being a currency that could change the future of payments isn't easy. WHAT IS BITCOIN? A digital currency. But unlike Visa or PayPal, there's no centralized operation heading it up. Meaning no bank CEO and no issuing authority (think: the way the US government backs the dollar). Instead, transactions happen through a peer-to-peer network. You don't even have to use your real identity -- you could use your middle school screen name if you want. Welcome to the Wild West of the Interwebs. HOW IS THIS ALLOWED? Blockchain . Not code for Tetris. Every time something is bought or sold using bitcoin, it's verified and publicly recorded on the blockchain. In other words, the blockchain is the digital ledger that makes bitcoin legit. HOW DID THIS BECOME A THING? Bitcoin was created in 2009 by a mysterious person (...

Full article: http://www.huffingtonpost.com/theskimm/theskimms-guide-to...

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