Thursday, June 9, 2011

BitCoin - FREE, global, decentralized currency

Since it appears that governments, financial institutions, and the world's elite are hell bent on keeping this sham economy in place as long as possible, it is worthwhile for us to look into alternatives to being part of it.

Enter BitCoin.

BitCoin is a digital currency that can be converted to many world currencies for use in transactions outside the network. Watch a short video and learn about the basics here.

The very nice thing is your digital account can not be seized or frozen. The transactions are virtually anonymous and can not be tracked. Very handy in these uncertain times. The very big drawback is that it requires the internet to operate, so I would urge you not to keep more inside your digital wallet than you can afford to lose. If the net is taken down you could lose any wealth stored in BitCoins. If it becomes so heavily regulated, BitCoin may become less feasible for those of more moderate means.

Already, the US government is targeting the system citing "drug sales".

A really nice thing about BitCoin is you create your own money through a process called "mining". In other words, you need not convert your real world fiat paper money into bitcoins. You can create your own bitcoins, and convert them into real world fiat currency through various exchanges, Mt Gox being one of them.

There are also free sources for bitcoins called "faucets" Also located in the faucet link are listed places that will accept BitCoins. New business are frequently being added. Search the web to find online retailers and even real brick and mortar stores that accept BitCoin.

1 comment:

Craig Cavanaugh said...

Cool! I'm sure the fedgov will make it's use a first degree felony as soon as they possibly can. Naturally under the guise of the "war" on drugs...