Bitcoin is something that won’t go away. And there are a variety of important reasons. Mind you, I have had no direct connection with any Bitcoin transactions, so I can’t relate any direct experience either pro or con about the cyber currrency. Nor have I ventured into the world of computing the hashes that comprise the transaction processing scheme.
“Butterfly Labs (BFL), a US-based company that makes ASIC-based Bitcoin miners is seriously involved. BFL builds little boxes with specialized chips that do nothing but compute hashes in the Bitcoin blockchain—a process which can lead to real money for the miners. BFL had some experience in the Bitcoin mining business; it had previously made and sold around 2,300 slower Field-Programmable Gate Array (FPGAs) miners from September 2011 to September 2012, earning at least $1.6 million in revenue. In June 2012, BFL started taking orders on the ASIC-based boxes, which ranged in price and capability from $274 for a 5 GH/s (gigahashes per second) unit to $22,484 for a 500 GH/s machine.”
The world’s global banking system has been under serious scrutiny since the economic meltdown in 2007. And a well-developed, murky gambling and nefarious underworld component of the Internet, has already set the course for a strange, mysterious , and unregulated method to buy stuff.
But the last time I checked, I couldn’t use Bitcoin in a vending machine or to buy a burger at McDonalds. You never know though, do you?
Thanks to Cyrus Farivar and Ars Technica