We blog, twit and re-twit about it so often, but still many people do not know what is it. If you haven’t heard about it, do not feel bad, in fact a very substantial number of people in the US and Europe has not yet even though it’s been around since 2009. We are talking about BITCOIN.

What is Bitcoin and why is it raising so much hype these days?

Simply put, Bitcoin is a digital currency, a person-to-person payment system done on the internet without paying fees to the middle man such as Banks, Western Union, and MoneyGram…etc. It is alternatively referred to as a virtual currency, electronic money, or crypto currency. The bitcoin system is not controlled by a single entity, like a central bank, which led the US Treasury to fittingly call Bitcoin a decentralized currency.

You may wonder how it all works since all we’ve ever known is dealing with the banks; they handle our money transactions, while adhering to government standards. But with Bitcoin there is no such thing.

Filmannex.com our sponsor and pioneer has been sharing an enormous amount of insight into it in fact it uses the Bitcoin system to pay bloggers and filmmakers around the globe.

With all researches made available to us by Film Annex Network, we are committed to enlightening students and the community as a whole about Bitcoin through our segment Saint Lucian Perspective. We hope that as a result of educating people about it, Caribbean businesses will become more geared towards embracing the Bitcoin system. Examer Company Limited will continue to empower elevate and educate young and old alike about the new medium of exchange. We have made it our goal to shine the light on issues like the Bitcoin and eliminate the confusion.

In the following link entitled “How to explain bitcoin to your mom”  The New York Times beautifully and artfully explain it with humor in a very simplistic way.

Here is how to create an online wallet or Bitcoin as it is more commonly known?

 

money.cnn.com; rebelmouse.com; wsj.com

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