Article | Onlythebeat

Bitcoin: The New DJ Currency? It Would Only Make Cents...

Wednesday, November 20, 2013
Martin Smith

Bitcoin is the new digital currency that has been covered by popular newspapers and media outlets over the past week. For those who don't yet know what a Bitcoin is----it's a cryptocurrency that is mined by powerful computers. Okay....that didn't explain much. To put it simply, imagine it as a piece of digital gold. There will only be 21 million BTC (bitcoin) made in total, making it a scarcity just like gold or silver. However, instead of actual people mining it, it will be computers plugging in (confusing) algorithms as "digital miners." So, why would you want to use it? Bitcoin is decentralized and uses a peer-to-peer interface, which means right now it runs completely independent of governmental control. Digital currency to pay for digital beats...DJ's like Gareth Emery and Knife Party have come out and made their statements about Bitcoin (whether they be completely valid is up to your interpretation). Something about this scene gives off a sci-fi movie vibe. Maybe a completely digital world will be here closer than we think. Or.....we will just turn into a bunch of Marios collecting our gold coins.

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P.S: Sorry about the corny title :P