PURCHASING MONEY, BITCOIN STYLE

BITCOIN STYLE

Since their invention at least around 5000 B.C., the bits of metal that came to be known as “Money” have adhered themselves as essential to the progress of Human Civilization. In Europe, the first coins were struck by the Lydians, in about 700 B.C. But paper money soon took over from heavy bulky coins, possibly originating from China in Asia, and Egypt on the Mediterranean. Man’s attachment to the concept of Money grew never endingly, until acquiring Money became synonymous with Greed, one of the Seven Original Sins.

Buying Into The Nether World

The world of computers, and then the introduction of the Internet, ushered in the Age of Digital Money, and moved Man towards a Cashless Society. Not yet fully free of paper money or coins, digital money has provided a degree of convenience and speed of transaction never seen in the past. But, as we move towards a fully Digital Economy, an underhand Revolution seems to have stopped the giants of our financial world in their tracks. On the 9th January, 2009, a mysterious person who goes by the alias of Satoshi Nakamoto, introduced the world to a new form of money, a “crypto currency” he called Bitcoin. Unlike the money we use, which is backed by the Central Bank of the country of origin, Bitcoin, and its sister currencies, are free to cross borders. While initially open to public purchase by buyers with ordinary Internet-enabled PCs, to Buy Bitcoin is now a specialist’s job, called a Bitcoin Miner, who uses ASICs (Application Specific Integrated Circuits) to help the general public procure Bitcoins.