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<blockquote data-quote="NDwalleyes" data-source="post: 161137" data-attributes="member: 218">The beauty of bitcoin is that there is no central government running or manipulating the currency. It works off what is called the &quot;block chain&quot;. The value of a bitcoin is based strictly off the demand for them. EVERY transaction is recorded and verified. Transactions are recorded in &quot;blocks&quot;. The &quot;miners&quot; act as the accountants to verify and record every transaction in the block. After all transactions are verified the blocks are stacked away. There are large banks in the US that are actually looking at the technology also. The cool thing is that because bitcoin has no central government, it is international. It is very popular in China and recently Brazil and Venezuela because their local currency is basically worthless and non-existent.&nbsp; It's pretty cool to read about. There are several videos on Youtube that help understand how it works better if you are a visual person like me.</blockquote>

[QUOTE="NDwalleyes, post: 161137, member: 218"] The beauty of bitcoin is that there is no central government running or manipulating the currency. It works off what is called the "block chain". The value of a bitcoin is based strictly off the demand for them. EVERY transaction is recorded and verified. Transactions are recorded in "blocks". The "miners" act as the accountants to verify and record every transaction in the block. After all transactions are verified the blocks are stacked away. There are large banks in the US that are actually looking at the technology also. The cool thing is that because bitcoin has no central government, it is international. It is very popular in China and recently Brazil and Venezuela because their local currency is basically worthless and non-existent. It's pretty cool to read about. There are several videos on Youtube that help understand how it works better if you are a visual person like me. [/QUOTE]

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