What is Bitcoin
What is Bitcoin?
Bitcoin refers to a relatively new form of currency developed by a mysterious man by the name of Satoshi Nakamoto in 2009. Since then it has taken off and grown rapidly as a source for anonymous online commerce. In order to get bitcoins, or BTC, today is to purchase them with real physical money, thus the need for the bitcoin converter was found. Shortly after bitcoin exchange for goods and services became commonplace enough to continue on self sustainably, a bitcoin exchange rate was established. However, because there are no consumer protections and no law regulating the use of BTCs yet lots of financial speculation and glitches in the system, the bitcoin exchange rate has proven very volatile.
BTC transactions rely on a relatively simple two password system to protect the anonymity and funds of its clients. While the system has proven to be fairly reliable, thefts have become a greater threat as BTC has spread in its popularity, especially among the illegal trades. The thefts themselves were only a minor concern to the team that has developed bitcoin, however as rumors spread that BTCs were not as safe as people were led to believe they lost a number of participants in their virtual economic experiment.
Currently the exchange rate for a single bitcoin is well over several hundred dollars per coin. Most converters use information from the major BTC accepting websites and averages them. Some sites may have better exchange rates than others, and competition between sites to maintain the best exchange rate is fierce, although this has also driven up prices for goods and services overall. Most users of BTCs say that the ridiculously high prices they sometimes pay for items is worth it: they are willing to pay more to have their commerce take part without government or corporate surveillance.