Ever since the value of one Bitcoin rose above $200 USD in late October, I’ve been obsessively catching up on all the lost time I’ve missed out on since the ethereal cryptocurrency was born in 2009. Back then, like all sorts of other tech enthusiasts who completely missed out on an opportunity to make a bunch of fast cash, I decided not to invest in Bitcoin. Why? Well, to be fair, it was less of a conscious decision and more of a fleeting thought pattern that went something like: “Huh? What is this thing? I don’t understand it, let’s move on.”If you’ve completely avoided learning about Bitcoin up until this precise moment in time, my favourite way to explain it is with this animation that was screened at the LeWeb conference in London earlier this year. If learning through CGI isn’t your thing, and you’re still unclear on what Bitcoin is, to be brief: it’s a digital form of encrypted cash that’s designed like gold—in that there is a finite supply of 21 million Bitcoins—so theoretically its value should continue to increase over time. So far, that system of increasing value is working remarkably well, and in the interest of full disclosure, I have invested a bit of my Canadian coin into Bitcoin.Today, Bitcoin is worth well over $1,000 USD per coin and is approaching parity with gold itself.This massive surge in value has propelled Bitcoin into mainstream news headlines the world over. Last week, the United States Congress and the Federal Reserve admitted Bitcoin can be used for legitimate purposes—even though the FBI may never recover all of the Bitcoins it raided from Silk Road—which was a huge boost of confidence for the crytocurrency that could.Read more at VICE.
Advertisement