Bitcoin, the online currency that looks to revolutionize how we look at money in an online environment, is rising in popularity. However, in order to create Bitcoins, you have to mine them first, meaning that you give up a certain amount of computational power in order to process the creation of Bitcoins (similar to Folding@Home). In fact, Bitcoin mining is such a huge thing right now, that the entire mining network is faster than most of the world's fastest supercomputers combined.
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‘bitcoin’ Stories
Bitcoin mining operation tops world’s fastest supercomputers
PayPal considers accepting BitCoin payments
PayPal CEO John Donahoe is considering ways of implementing BitCoins into PayPal's digital transaction network. He says that he's watching Bitcoins very closely and expects that the virtual currency, or virtual currency in general, will be here to stay. In an interview with The Wall Street Journal, Donahoe stated that within 5 years, Bitcoins and other virtual currencies will be able to be converted into cash and be used in the real world.
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Bitcoin mining costs real world money
The active mining of virtual currency in the online world for real world profit is nothing new. This has been a common process in a number of online video games, especially World of Warcraft where an entire economy has sprung up around the mining and selling of in-game currency. With the rising popularity of the digital currency Bitcoin, attempts to digitally mine the currency are increasing all around the world.
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Winklevoss twins claim to own 1% of all Bitcoins
The Bitcoin is a rather interesting form of currency. It's a virtual currency not issued by any government and can only be spent online. The currency has been very hot with the total value of Bitcoin passing $1 billion late last month. However, things haven't been going so well for Bitcoin recently.
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