Klaus Nymand recently posted an in-depth article about Bitcoins and we woud love to share with you guys.
Klaus Nymand is an entrepreneur and investor from Denmark, an AP Graduate in Multimedia Design and Communication, with a focus on business development, leadership, and marketing.
What are bitcoins?
Bitcoin is a type of digital currency, all created and held electronically. No one controls this currency. Bitcoins aren’t printed like yen or dollars. They’re produced by people and businesses, running computers all around the world and using software that solves all types of mathematical problems. It’s the first example of a type of money called cryptocurrency
Is it different from regular currencies?
Bitcoin is used to buy things electronically. In that sort of way, it’s similar to dollars or euros in that it can be traded digitally. What makes bitcoin different from conventional money is the fact that it’s totally decentralized. There is no one network that controls bitcoin, which puts people at ease knowing that a single large bank doesn’t and can’t control bitcoin as a whole.