Grocott's Mail
  • NEWS
    • Courts & Crime
    • Features
    • Politics
    • People
    • Health & Well-being
  • SPORT
    • News
    • Results
    • Sports Diary
    • Club Contacts
    • Columns
    • Sport Galleries
    • Sport Videos
  • OPINION
    • Election Connection
    • Makana Voices
    • Deur ‘n Gekleurde Bril
    • Newtown… Old Eyes
    • Incisive View
    • Your Say
  • ARTSLIFE
    • Cue
    • Makana Sharp!
    • Visual Art
    • Literature
    • Food & Fun
    • Festivals
    • Community Arts
    • Going Places
  • OUR TOWN
    • What’s on
    • Spiritual
    • Emergency & Well-being
    • Safety
    • Civic
    • Municipality
    • Weather
    • Properties
      • Grahamstown Properties
    • Your Town, Our Town
  • OUTSIDE
    • Enviro News
    • Gardening
    • Farming
    • Science
    • Conservation
    • Motoring
    • Pets/Animals
  • ECONOMIX
    • Business News
    • Entrepreneurship
    • Personal Finance
  • EDUCATION
    • Education NEWS
    • Education OUR TOWN
    • Education INFO
  • Covid-19
  • EDITORIAL
Facebook Twitter Instagram
Trending
  • Understanding the Psychology of Domestic Violence
  • GADRA and Mobile Science Lab launch new science project
  • Beading through the generations
  • Almost 50 GADRA alumni graduate from Rhodes this week!
  • How it feels to go without water for seven days
  • Cleaning Kowie River and Fairview Spring for World Water Day
  • Local soccer teams avoid SAB Regional League relegation!
  • Bongani Fule: new Eastern Cape Junior Lightweight champion!
Facebook Twitter Instagram
Grocott's Mail
  • NEWS
    • Courts & Crime
    • Features
    • Politics
    • People
    • Health & Well-being
  • SPORT
    • News
    • Results
    • Sports Diary
    • Club Contacts
    • Columns
    • Sport Galleries
    • Sport Videos
  • OPINION
    • Election Connection
    • Makana Voices
    • Deur ‘n Gekleurde Bril
    • Newtown… Old Eyes
    • Incisive View
    • Your Say
  • ARTSLIFE
    • Cue
    • Makana Sharp!
    • Visual Art
    • Literature
    • Food & Fun
    • Festivals
    • Community Arts
    • Going Places
  • OUR TOWN
    • What’s on
    • Spiritual
    • Emergency & Well-being
    • Safety
    • Civic
    • Municipality
    • Weather
    • Properties
      • Grahamstown Properties
    • Your Town, Our Town
  • OUTSIDE
    • Enviro News
    • Gardening
    • Farming
    • Science
    • Conservation
    • Motoring
    • Pets/Animals
  • ECONOMIX
    • Business News
    • Entrepreneurship
    • Personal Finance
  • EDUCATION
    • Education NEWS
    • Education OUR TOWN
    • Education INFO
  • Covid-19
  • EDITORIAL
Grocott's Mail
You are at:Home»Uncategorized»Bitcoins: Virtual currency of the new age?
Uncategorized

Bitcoins: Virtual currency of the new age?

Grocott's MailBy Grocott's MailOctober 31, 2013No Comments2 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email

Bitcoin, a new virtual currency, is the complete embodiment of anonymity and can be used to purchase real-world goods. How does it work?

Bitcoin, a new virtual currency, is the complete embodiment of anonymity and can be used to purchase real-world goods. How does it work?

Lacking centralized control and regulation, Bitcoin implements a peer-to-peer open-source model in which users create and transfer value.

Bitcoins are a purely digital 'cryptocurrency' which uses increasingly difficult algorithms solved by computers in order to prevent fraud.

They can be minted by anyone who enables his or her personal computer to solve the problems, which contain the information that makes the currency work: from the rate of inflation to transaction verification.

Bitcoins' anonymity is a main attraction. One of the results is Silk Road, an website that allowed customers to purchase drugs with Bitcoins before it was shut down by the FBI this year.

Bitcoins allow users to circumvent traditional institutions, allowing for greater ease in international transactions. Others use it as a political statement to show that a currency can work without centralised control.

What does the future of Bitcoins look like? As a community currency, it will probably remain within a niche market until the general populace becomes more tech savvy. However, entities such as Dominos Pizza, Wikileaks and WordPress have started to accept Bitcoins as a form of payment.

Previous ArticleRhodes responds to ‘loan-shark’ claim
Next Article Tempers flare in cash crisis
Grocott's Mail

Comments are closed.

Tweets by Grocotts
Newsletter



Listen

The Rhodes University Community Engagement Division has launched Engagement in Action, a new podcast which aims to bring to life some of the many ways in which the University interacts with communities around it. Check it out below.

Humans of Makhanda

Humans of Makhanda

Weather    |     About     |     Advertise     |     Subscribe     |     Contact     |     Support Grocott’s Mail

© 2023 Maintained by School of Journalism & Media Studies.

Type above and press Enter to search. Press Esc to cancel.