Bitcoin is becoming increasingly popular and until we learn it fast we will end up receiving bitcoin money and we won't be able to withdraw it.
I have seen a few youtube videos on this topic and I am not quite familiar with bitcoin. But I have enough data to make an ilugc post. Here goes. Apparently bitcoin is all about cryptography. At least its implementation and advanced use requires you to understand crypto, stuff like PKI, SHA256 message digest, fingerprint and some math like zero knowledge proof and all that. At any rate bitcoin is highly domain specific just like facebook is about social behavior and human psychology. Likewise bitcoin requires you to understand how a nation prints currency and what gold and currency mean in the real world. Since I have zero grounding in the world of money and currency note dynamics I am not getting an idea of how bitcoin can serve as an alternative to currency. That way if you see even Paypal ain't a bank. I have sent and received Paypal money and I know that it talks to banks. Just like skype can talk to PSTN. But bitcoin has nothing to do with banks or physical currency. At least that is what I understand. It can apparently serve as a real global currency and the transaction fees are very low to facilitate funds transfer without commissions, currency conversion charges, fluctuation in value of dollar etc. Since we all are affected by dollar rate this is both a plus and a minus. A plus because we are immune to it if bitcoin takes off which it already has. And a minus because bitcoin rates are really volatile. I was looking for a method to convert physical money into bitcoin currency but that is not explained anywhere. Okay then that is all I know. I just did not want to end up with bitcoin in my name but without the requisite know how and means to benefit by the cash. ;) How many of you know that cash came from Tamizh kassu? -Girish -- Gayatri Hitech http://gayatri-hitech.com _______________________________________________ ILUGC Mailing List: http://www.ae.iitm.ac.in/mailman/listinfo/ilugc ILUGC Mailing List Guidelines: http://ilugc.in/mailinglist-guidelines
