What is Bitcoin in Doodles
What is bitcoin? it is an electronic ledger not unlike paypal or visa, but without the red tape and bureaucracy.
Just like how the internet allowed for email and instantaneous worldwide communication instead of using ships and pigeons, bitcoin allows value to be transferred instantaneously around the world
it is a currency without any country, a form of money with wings
numbers in the ledger is created and maintained through the process of mining, where computers around the world race to solve complicated equations to verify transactions and prevent fraudulent double spending,
some argue that bitcoin is irreversible. However, the essential lifeblood of international trade; letters of credit, are also irreversible. Combined with smart contracts and feasible micropayments, this may lead to entirely new economies as individuals can become their own commercial banks and engage international trade.
can you live on btc? probably not at the moment, but a couple from utah took a world tour using only bitcoins to New York, Stockholm, Berlin and Singapore. you can also now use bitcoin to buy gift cards from amazon, starbucks, target and sears, petrol, and online retailers like overstock.com
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