WHAT IS BITCOIN? Bitcoin is
a decentralized form of digital peer to peer currency. Bitcoins are saved in downloaded digital wallets, either on a user’s computer or in a cloud location, with transactions verified by a global network of computer users.
Aug 2008 Jan 2009 Feb
2010 Bitcoin.org registered by ‘Satoshi Nakamoto’ Bitcoin v0.1 released and first transaction First Bitcoin market established and trading commenced May 2010 Nov 2010 Feb 2011 First physical product purchased using Bitcoin Bitcoin economy passes US $1 million Bitcoin value equals the US dollar Mar 2013 Oct 2013 Bitcoin market capitalization passes US $1 billion First Bitcoin ATM opens in Canada A BRIEF HISTORY OF BITCOIN
HOW DO YOU USE BITCOIN?
You can use Bitcoin to buy things via electronic peer to peer transactions without going through a bank, financial institution or government. Transactions are logged against each Bitcoin user’s unique 34-character address to ensure there is no duplicate use of Bitcoins. You can buy music, books, online games, and even order a pizza online with Bitcoin.
The first developer of Bitcoin
released software that could digitally send, receive and store bitcoins. Bitcoin is now maintained by a community of developers around the world who ‘mine’ for coins via open source software. Electronic Bitcoin marketplaces exist where Bitcoins can be bought or sold in different currencies. HOW IS BITCOIN CREATED?
Is it time to coin
a new approach to innovation? LinkedIn Influencer and chief executive of CPA Australia Alex Malley FCPA looks at the virtual currency dilemma. READ MORE Alex Malley FCPA is the chief executive of CPA Australia and the host of the Nine Network television series The Bottom Line. Alex is also a regular contributor to The Huffington Post and he is a regular business commentator on the nationally syndicated programs The Money News on 2GB and Sky News Business.