Bitcoins, Privacy and True Value

Although this new form of virtual currency has its drawbacks, it has its advantages too

There are sequences of numbers today on the Internet that more and more retailers agree have value. Value after all is only a number that represents what one person will except in exchange for something else. If you will accept one apple for two oranges you have, then one apple is worth two oranges. This string of numbers that many people are accepting in trade for goods and services is called the bitcoin.

A bitcoin is a virtual crypto-currency that is open-sourced and decentralized. They are not accepted everywhere yet but their acceptance is growing. Being virtual, you cannot put a bitcoin in your pocket; they are more like an MP3 than a CD. The main advantage of bitcoins is their utility. All you need is an Internet connection to deal in them. This means you do not need a bank account or credit card (or their high fees) to deal in them.

This does not mean that bitcoins are risk free. Because there is no record of a transaction when you use them, they have been used for illegal activity and have been targeted for cyber attacks (theft) at some Bitcoin Exchanges. Your personal computer and a virtual private bitcoin wallet are relatively safe.

You too can take advantage of the privacy bitcoins provide. Nothing identifying you is ever tied to a bitcoin transaction, unlike in a credit card transaction. Another advantage is you never need a password or PIN number. Since bitcoins are decentralized, no central bank or government controls their value. Like the apple and oranges example, the only thing that controls the value of a bitcoin is the market. However, because no one controls the supply and demand of the currency, bitcoins are susceptible to volatility swings.

About CoinSetter.com

Coinsetter (http://www.coinsetter.com/bitcoin-price) is a venture capital funded NYC-based company dedicated to making Bitcoin safe and easy to use for all. By being a more transparent Bitcoin company, we believe our increased accountability makes us the best trading option for you out there. To learn more about bitcoin price, visit the website today.

Distributed by Iterate LLC

Media Contact
Company Name: CoinSetter.com
Contact Person: Guy Markusfeld
Email: info@beauchampantiques.com
Phone: 317-896-3717
City: Westfield
State: IN
Country: United States
Website: http://www.coinsetter.com/bitcoin-price