So You Don't Know What Bitcoin Is...
2013.10.06
Don't know what Bitcoin is? What rock are you hiding under? Still, the virtual currency might just be difficult for normal people to understand.
So here is this handy CBS News graphic from its segment on the Silk Road bust earlier this week. The only problem: it is neither handy or correct.
First of all, Bitcoins are not real coins. They aren't even physical to begin with. But it is possible to get physical tokens with an encrypted hash printed on them for physical exchange.
And because they exist on the Internet, they are a form of real currency, which you can exchange for goods and services. A single BTC is currently worth about $137. So imagine just how much Ross Ulbricht might have if he really has a stash of 80 million Bitcoin somewhere around.
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