Currency Without Notes and Coins – Confusing?

​Just incase you have not heard! There is new currency in town!!. Yes! a new way to buy and sell. And…no the barter system is not making another appearance and I’m not talking about Paypal either. Its called bitcoin. Bitcoin is virtual cash born of computers, so it lives on the internet and one can even buy things with it. Surprised? don’t be. It won’t be the first time something we use in hard copy converts to the digital medium including the oldest book known to mankind the bible.

​So who is the genius behind this new currency? The concept was developed by Satoshi Nakamoto who has chosen a different road than most tech inventors. The word is that he is from Japan but there are also connections to Germany. The software was developed around 2009 so I guess its not so new in town.

This currency allows you to transact your business on the web undetected. No ID and no traces, which begs the question will people behave or mis-behave with this thing? Well..there is a transaction ID generated as well as acknowledgement of the amount of currency spent, but at least you won’t need to give up your personal details like email and phone number Ala Paypal.

I read that in one day more than 45,000 transactions estimated around $48.5M is handled by this network. See why the bitcoin cannot be ignored? Now that I have made you aware of its existence or perhaps you already knew, find more information on the web – use your search engine of choice and read away.

When I heard about it I thought about whether or not the FDIC (Federal Deposit Insurance Corp) will some day be brought in to play a role for the piece of mind akin to what we enjoy in our checking accounts but it gets more interesting because bitcoin is an international currency so I did some more research and found that there is a vault system that holds the currency and that system is also insured. Store your money in a digital wallet and spend as you may online.

If you do have some bitcoins, be sure to buy goods and if you’re feeling kind, donate to organizations that accept the currency including Archive.org, P2P Foundation and many more that now accept the currency. To send it to a person you just need to know their bitcoin address.

Want to read more about this? Its all very confusing start here http://fncy.it/1IZTQV9

For anything else you want to insure reach us through http://www.alphadirectagency.com or call 212-568-5700