If you’re just getting up to speed on all of the buzz that has cranked up around Bitcoin in particular (or cryptocurrency in general), Timothy B. Lee over at The Washington Post has put together a solid primer called “12 questions about Bitcoin you were too embarrassed to ask.” In it, Lee covers answers to the following questions:
- What’s Bitcoin?
- That seems really weird! Why would anyone use a payment network based on an imaginary currency?
- This just sounds like a bubble. Do people use the currency for anything besides speculation?
- Who created Bitcoin?
- Where do bitcoins come from?
- Isn’t that a huge problem? I learned in economics class that deflation can cause economic problems.
- How do I get bitcoins?
- Okay, I bought some Bitcoins. Now what?
- Okay, I have some bitcoins and found a secure way to keep them. What do I do with them now?
- Should I buy bitcoins?
- If people shouldn’t buy bitcoins, then what is all the fuss about?
- Could bitcoins ever replace conventional money?
Most definitely worth a read. Here’s a link to the full article.
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