Informative, In Depth Look at How Bitcoin Works

The world of Bitcoin interests and confuses me all at the same time. Even to the point of asking if offering it as a payment method to my customers was a good idea. I'm not sure yet and after watching this very informative/confusing video explanation, I'm feeling like I have a lot more research to do before really accepting Bitcoin.  

Full disclosure, I have opened a Coinbase account, which is a Bitcoin wallet for making transactions, but I have not actually bought or traded any Bitcoins at this point.

 

I should be clear, it's not super confusing, it's actually rather logical. I mean, it's math for goodness sake. But the way in which the transactions make it through the system can get very confusing to someone not very computer literate. 

My honest thoughts, knowing and understanding Bitcoin is relevant because it's not going away anytime soon. Will more and more businesses start accepting them as payment, I have no idea, but I do know these things start rolling and before you know it Bitcoin is everywhere and you're scrambling to learn how it works. 

I found the video on Fred Wilson's AVC blog, which if you don't already, should have on your blog roll of must reads.

 

Posted on October 8, 2013 and filed under Technology, The Web, Video.