What Is Bitcoin And How Do You Get Some?

Detailed infographic explains the digital currency

With so much attention surrounding the cryptocurrency, many people may be aware of the Bitcoin revolution as it took hold of the Internet a few years ago. But what is Bitcoin and how do you get your hands on some?

While many may have heard about how it spread and took hold, many are still not aware of how Bitcoin works and what purpose it serves online. So a group of students at Stetson University’s Online Master of Accounting Degree program created this comprehensive infographic to help explain the digital currency:

One helpful tidbit included in the graphic, and that might bring the still perplexed closer to a point of comprehension, is the old world concept of the Bitcoin. Rai stones from Pacific Island of Yap were large limestone disks so large and cumbersome that they were not practically moved, and so, worked unlike our cash or electronic transactions do today. Instead, owners were recorded through oral history so a timeline of ownership is known for each individual stone. Thus, better controlling the regulation of currency.

In terms of the future of Bitcoin as a currency, the students say that due to its relative infancy, what lies ahead is uncertain:

While the current volatility is very large, and their value is tremendously unstable, many investors believe that eventually, Bitcoins will even out in the future, and develop into a better-regulated form of currency.

Many investors are optimistic about the future of Bitcoins. They believe that even if Bitcoins themselves fall through, they will have begun to pave the way for other types of cryptocurrencies, ones that may be significantly easier to use and trade. Market analysts continue to speculate wildly about the potential of this currency, and what affect it may have on future economies.

Stetson University Online Master of Accountancy Program

Lead image: fdecomite // Creative Commons // Image was cropped