The bitcoin is a bit hard to explain -- so, of course, we're going to try to explain it anyway.
Since this new and controversial form of currency is soaring in value and poised to transform the way we think of money and how the people in your pews pay for a hamburger, it's worth trying to wrap one's mind around it.
The bitcoin is a virtual form of money that was created in 2009 by an anonymous software developer who wanted to create a currency that was free from middle men, or middle people -- like banks which charge interest and fees, and governments which regulate and tax -- and allowed for transactions to be totally transparent yet completely anonymous.
Here's how it works: new bitcoins are minted, or enter the virtual marketplace, whenever a computer solves an incredibly complex algorithm -- which can take several computers working hours to do. Once solved, a new virtual coin is created and made available for bidding in a marketplace, where people trade goods (perhaps an old iPod)...
Start today. Cancel anytime.
Act now and, for just $6.99 a month or $69.95 a year, you’ll receive a full year of this valuable, sermon preparation resource.
Our convenient, continuous-subscription program ensures you'll never miss out on the inspiration you need, when you need it.
You’re never obligated to continue. Naturally, you may cancel at any time for any reason, no questions asked.