A Bit About Bitcoins
The concept of Bitcoins is an interesting one. On one side it seems futuristic and unrealistic, while on the other hand, for those steeped in the Internet of Things, Bitcoins represent a logical and even intuitive development. It's yet another example of science fiction becoming reality. But, it seems its time has come, after-all what in fact is our currency? It's no longer backed by gold reserves and rather achieves it's value from speculation and other economic factors, most of which exist within the ether of the Internet. Clearly the vast majority of citizens around the world don't have the foggiest idea how the monetary system is organized and what in fact defines value. What we know about the monetary system is that it is in an ever-precarious state with most indications suggesting it's outdated, often corrupt and perpetually losing value. These factors create very compelling reasons for it to be replaced. I'm not speaking about the complex math that goes into Bitcoins but rather the concept of a virtual currency. Will Bitcoins replace the global currencies? It's doubtful, but we can rest confidently that the door has been swung open and a new monetary system(s) will be coming through. Credits to: http://vimeo.com/63502573
