Categories: My Money

Basics of Bitcoin

The much buzzed-about peer-to-peer digital currency, bitcoin, recently reached a value of $200 USD, surpassing a billion dollars in total circulation.

And, it doesn’t seem to be losing steam. For women investors, this could be the next big thing.

As the European financial crisis proves money in the bank means little when access is limited or denied by centralized infrastructure and governments, the idea of a decentralized, digital currency is growing more attractive.

Trouble is, the average Jane is still trying to figure out what the heck a bitcoin is and what digital currency really means.

“Just like the very early days of the Internet, it’s very cryptic and hard to understand,” Anthony Gallippi, CEO of BitPay, the world’s leading bitcoin payment processor, tells PINK.

One of a handful of bitcoin startups, the company recently exceeded 5,000 merchants.

Clients include popular blog hosting platform WordPress, a Kansas City car dealership and an international real estate broker.

So what exactly are bitcoins?

“It’s an accounting ledger in the cloud, stored simultaneously on thousands of computers,” says Gallippi. “A user can have as many accounts in the cloud as they want, and private keys are what allow you to spend from those accounts.”

When money is in the cloud, you can access it anywhere and at any time and do whatever you want with it.

However, should you lose or forget your key, there is no way of retrieving it.

The best way to get them?

“[You can] purchase them the same way you buy gold or silver,” Gallippi explains.

Trade your cash for bitcoins on an exchange like CampBX or Mt. Gox. Or, open an account with a foreign exchange service if you’re looking to buy in bulk.

“The financial rewards are there,” Gallippi suggests, “Ride the wave of adoption as part of your portfolio.”

Bonus PINK Link: Five Things Investors Should Know About the Current Economy.

Are you ready to invest in digital currency?

By L. Nicole Williams

Nicole is the Editor at Little PINK Book. Follow her on Twitter @iamnicwill.

“Money speaks sense in a language all nations understand.” Aphra Behn

Cheryl

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