The concept of the Bitcoin is still a bit mysterious for me. The idea seems fair in a general view; however, the use of it is what worries me.
Of course, when you’re using electronic means to do your transactions, you can always have a bug or something that suddenly fucks it up. I don’t want to rely my entire income in some virtual payment.
It is possible, tho, to convert between currencies and use it as normal money but I stil have that initial doubt like when a product just comes out without testing. It is totally cryptographic and in that way assures the best security on-line… but everything is breakable.
And it’s hard, the only way to test currency is using it. Many economists and technology lovers are finally giving the first steps, but the fear of its use holds us (normal mortals with fear) back.
By the beginning of the year the currency was worth $13 USD, then in April rocketed to $230, proving its incredible power, but at the same time its huge volatility with the exchange rates. And it wasn’t surprise that by the end of the same month it dropped to $50.
The concept is easy and very convincing: an electronic currency protected by a strong cryptography that doesn’t need any intermediary (banks or other financial institution) to do any payment. It means you have your money in your (virtual) pocket and you can directly pay to anyone with the cheapest rates.
Pretty convinient, huh?
Well, now that I put the seed of curiosity, check these videos to keep you informed:
You can play around with Bitcoins in the TryBTC website of the Bitcoin group of the Stanfor University.
A website about the Bitcoin Project endorsed by the MIT explains in a very easy and graphical way, what is the goal of this currency.