Through recent conversations with various friends and colleagues, it has become apparent that Bitcoin is somewhat of a mystery to the majority of the population. The common query, even among seasoned investors, is inevitably, "What is Bitcoin?"
Bitcoin transactions, unlike credit card purchases, are irreversible. If you buy merchandise with bitcoins and the merchant fails to deliver, that money is now securely in his hands. There will be no third party company to go to bat for you
In 2009, my friend Mike was getting into bitcoin and I remember him explaining the whole concept to me: A virtual currency managed by a peer-to-peer network open to anyone with a computer and uncontrolled by any bank or government.
With the right investment, dedication, and strategy, you can literally manufacture a revolutionary new currency and then trade it for dollars, or buy goods and services at hundreds of merchants. Sound too good to be true? Read on.