I’m ruined. I’ve lost everything. Wait . . . what’s bitcoins?
>>> Wait . . . what’s bitcoins?
What does it look like? Do you have pics?
Its a panacea for people who complain about the imaginary value of fiat currency by creating something even more imaginary.
It's a shortened form of bullshitcoins.
That's, like, you know, easier to text in its stripped down form.
All I know is bitcoins are a type of online currency used on the website The Silk Road. The Silk Road trades in illicit drugs and all types of products illegal to procure in the US.
To oversimplify:
Bitcoins are a virtual currency with key attributes akin to gold.
They rely on a mathematical process which requires a consistent amount of computing power to calculate the next “coin” which is then registered with a central recognized authority. (This like the consistent amount of work required to mine & mint an ounce of gold.) They can be possessed in an anonymous manner assuring no copying occurs. Being based on mathematics, requiring hard work to create, supporting anonymity, and - best of all - having nothing to do with governments, it amounts to viable digital libertarian cash. Maybe hard to believe, but if you learn how it works you will be convinced.
Of late, the value of one bitcoin was about $250. That’s real world money.
Alas, like other hard currencies it too suffers inflation and bubbles. Yesterday the value crashed 70%, reason unclear.
For all the reasons to not like it, know it and get used to it. Just like tablets and e-books and other technologies are suddenly dominating, independent e-cash will someday be viable and commonplace.