April 21st, 2015

Bitcoin

The internet has opened the door for numerous technologies and products that have drastically altered the way we do business and live our daily lives. Bitcoin is one such technology that arguably has the greatest potential to revolutionize the world of international finance. Micah Winkelspecht, the CEO of Gem, a company that helps its customers accept and secure bitcoin transactions, sat down with me to discuss the various facets, uses, and implications of Bitcoin, as well as the challenges it faces for broader adoption.

(I am also extremely happy to announce that LiveJournal now accepts Bitcoin!)

Katya: So what is Bitcoin and how does it work?

Micah: Bitcoin, at its core, is an international digital currency; it’s like money for the internet. However, to call it just “money for the internet” is actually missing the point. It’s more like the internet of money. Bitcoin system is an internationally distributed network of computers that are running around the world whose sole purpose is to allow us to move value from point A to point B anywhere in the world instantly and with no third parties in the middle; it’s peer-to-peer value exchange. Collapse )