An article by
www.ktul.com (Tulsa's Channel 8 )
Will there ever be a replacement for the American dollar?
Right now, there are at least a dozen monetary systems, operating on the internet.
They work without any banks or government backing.
So that really appeals to some people, who don't like our traditional financial system.
The people who belong to the network, deal directly with each other through their computers.
While account holders are anonymous, all their accounts are visible to everyone on the system.
Bitcoin is the best known of the cyber alternatives.
Computer researchers, at the University of Tulsa's Tandy School of Computers Science, say the math and the technology behind the system is sound.
But the human factors involved, are another matter.
There are hackers and scam artist out there.
Plus, the cyber currencies tend to have wild value swings.
T.U. graduate student Michael Haney says he's interested in bitcoins, but he doesn't own any because the system needs time to mature.
The Bitcoin economy is set-up to have a fixed amount of money, with some of it being slowly introduced over time.
You can actually set up your personal computer, to go looking for coins on the internet.
It's called mining and you use your computer for a mathematical scavenger hunt.
Grad student, Michael Fisher, showed us the account he's built-up by mining.
But it cost money to mine and that includes buying special computer equipment.
After 2-years and paying for his mining setup, he had about $900 worth, on the day of our visit.
He can spend it a number of different websites and the options are growing rapidly.
Recently Overstock.com became the first major company, to accept bitcoins.
The involvement of big corporations, would give the system more credibility.
Tulsa's Better Business Bureau says be careful if you want to explore this new world of finance.
A lot of people have been burned by scams.
I think this is worst written article about Bitcoin I read from a long time...
Person who wrote this article have a huge lack of informations about Bitcoin.
1st -
Will there ever be a replacement for the American dollar?
Bitcoin wasn't and it is not mentioned to be a replacement for the USD ...
2nd -
The people who belong to the network, deal directly with each other through their computers.
well.. yes and no... because as we all know, huge percent of all of the transactions are not really p2p but some 3rd p.c. are operating some of the transactions.
3rd -
After 2-years and paying for his mining setup, he had about $900 worth, on the day of our visit.
I must ask author of this article when he was talking to him ... was it 2014 ... or not.... mining for 2 years and earn like $900
USB erupters ...
4rd -
A lot of people have been burned by scams.
and how many were scammed while using USD or other fiat currency???
I think we should write to them
they need to inform themselves better before posting articles like this one.
Regards.
