How do you draw a human?
Why is there a giraffe for an animal whose only purpose is to ride the coattails of a single human?
It doesn’t make a lot of sense to me anymore.
The US government will spend thousands of taxpayer dollars to teach computer software to teach people about how to run Bitcoin, the virtual currency.
According to Reuters, the US Department of Homeland Security will develop a virtual currency education program that will work with the Bitcoin Foundation and other “community-driven” groups to “promote Bitcoin’s use as a form of payment and money”. While the agency is not specifically calling out virtual currencies, it will “advocacy for Bitcoin’s use” to promote the use of Bitcoin, and “discuss issues related to Bitcoin and digital currency generally”. DHS is expected to start this initiative in a few weeks.
This is good news for the virtual currency, as Bitcoin is currently considered to be a money transmission system. Because Bitcoin is a digital currency rather than fiat currency issued by a central bank, there is no central authority for the currency: instead, each Bitcoin is a virtual certificate, a statement that a specific number of transactions were made using the currency, backed by a digital certificate that is known only to that specific Bitcoin (with all other Bitcoins having a different set of digital certificates). The value of each Bitcoin is also pegged to the value of the USD, so one bitcoin is worth $1000.
The virtual currency has increased in value dramatically this year, as more people begin to use Bitcoins for more personal transactions. In March, Bitcoin was worth $266, although most analysts say it’s now valued closer to $200, with the value of a Bitcoin rising above the $250 mark nearly every week so far this month.
Bitcoin has several advantages over fiat currencies: for one, Bitcoin is a decentralised network, meaning that the system is not controlled by any single entity like a central bank. This allows for the currency to be freely transferred and exchanged between individuals who do not have to trust each other to keep a secret ledger of all transactions. By comparison, fiat currencies are generally created and issued by governments and banks, who would have to trust each other to keep a secret ledger of all transactions in any particular instance.
“In Bitcoin it’s not a centralized entity – it’s a distributed network. That will create a lot of benefits for the virtual currency ecosystem… [The currency] is the perfect alternative for individuals that may not trust
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