Bitcoin wallet link

Great question! Well, there are two answers. Since you dont’ want to read a book, we’ll stick to the short one.

Bitcoin is a decentralized online currency. You can sign up for a Bitcoin wallet and store your Bitcoins there. The coins can be purchased at multiple locations, here is a good link for that.

Now, the rub. Bitcoins, as shown this week with China’s blocking of new deposits, is EXTREMELY volatile. Prices per coin dropped from a record high (roughly $1, 200) to about 50% of that, with a price earlier this year in the single figures. Here is a good chart to show volatility:

You can also mine Bitcoins. However, this process is complicated and much more in depth than this blog post. Briefly, however, mining Bitcoins revolves around solving math equations with your computer using specialized software. It’s easiest and most beneficial to join a group, as the current equation will likely not be solved by you, and the only thing you’ll have to show for it is a huge power bill.

So, what should you do with Bitcoin? Currently, nothing (we won’t delve in to the illegal / unethical realm here). There just isn’t a whole lot to purchase and certainly not with an anonymous volatile online currency. However, if you do decide to test things out, here are a couple of tips. First, BACK UP YOUR WALLET. If you lose the digital wallet you lose your money. It isn’t like a bank. Losing your wallet is like burning cash. Second, buy Bitcoin(s) right before your purchase. This way the fluctuations won’t affect your purchase as much.