What is Bitcoin?

You may be here because you need a voiceover but have no idea what Bitcoin is. Well, let me help you on your way with some links and resources. Also: I take Paypal as well, Bitcoin is optional!

Bitcoin is a digital currency. It works without physical banknotes or coins and without the need for banks. Remember banks? They sell mortgages to people who can't afford it, then SELL OFF these mortgages, nearly go bankrupt, get free money from the government at 0.5% interest, give out NEW mortgages to the public at 4,5% interest (if you're lucky) and they have the bloody temerity to charge you for HAVING an account with them.

So the sooner we get rid of banks (and stock exchanges, while we are at it), the better. Enter Bitcoin. Here is an introduction to it (Please not I'm not the voiceover on this video!) that might help:

See also: http://www.weusecoins.com/

I also highly recommend this episode of Planet Money about BitCoin:


You can 'hold' your Bitcoins on your own pc with special software, but you can also do it online. Here are three services that give you a virtual Bitcoin wallet:

1: Bitmarket.eu (oops... that one went belly-up)
2: MTGox.com
3: Bitcoin Central

These online services do have a disadvantage: if they disappear, so does your money. I recommend using them to experiment with Bitcoin and then install the software on your own pc when you decide you like it.

The major problem for Bitcoin at the moment is this: there is no trust. Since it all happens on a user-to-user level and there is no intermediary (such as a bank or even a service like Paypal, who won't touch Bitcoin) there is no trusted 3rd party. This is fine if you HAVE Bitcoin or if you RECEIVE Bitcoin. But it is very hard to get started with Bitcoin, which you would do by converting some dollars or euro's or whatever your currency is to digital form.

Actually, this is a great list of all advantages of using Bitcoin: http://bitcoinmedia.com/bulleted-advantages/