While many of our readers are quite the experts regarding all forms of CryptoCurrencyI realized today that doesn’t mean every last one of you is. With today’s announcement that the leading CryptoCurrency Bitcoin, has now hit an all-time record high value of $8,000. It seems like a good time to provide a quick basic primer for those still struggling to understand what all the fuss is about.

Bitcoin is a virtual currency that uses Blockchain technology for secure payments and storing money electronically, without requiring a bank or a person’s name. Satoshi Nakamoto created this CryptoCurrency back in 2009. The biggest advantage of Bitcoin is that it’s not under control of central authority, government or private company, so people are free from paying transaction fees. It can be used for booking a hotel or flight, or purchasing products online, as many online stores and companies accept Bitcoin now.

The below infographic, created by the team behind BitcoinPlay and republished here with permission, illustrates some of the most interesting facts about this incredibly popular virtual currency.

Advertisement

  • stephengreen

    Yeah, for those not sure of the finer details, the above ‘infographic’ will clear it up… 🙄