Wondering if anyone here knows about bitcoins or litecoins, and has them?
Here's a PBS idea channel about them.
(Paraphrased from the video, If you don't wish to watch it)
If you don't know what bitcoins/litecoins are, bitcoins are traded by people who have ALL AGREED that they have a value.
They are a new, digital, decentralized, peer-to-peer CRYPTO currency. It doesn't rely on ANY physical note. It isn't regulated, controlled, or anything really by a central issuing authority like the federal reserve, the bank of england, or 日本銀行 (Bank of Japan), nor any government, company, or country in any way whatsoever. It is self-reliant!
Even though NOBODY is in charge, you can't just make infinite free money. In order for a currency to have value, it has to be scarce. You can only print, mine, or mint a certain amount. Bitcoins are generated by networked computers solving complex cryptographic puzzles.
It's sort of like if you're asking your computer to solve a rubik's cube with a side for every color in the visual spectrum.
This hard work generates bitcoins. This maintains not only scarcity, but market stability.
BItcoins can be exchanged for USD and any other form of currency, and back again, making if fully exchangeable.
Everything said above also applies to litecoins. They are the currently two most successful crypto currencies. Bitcoins are like a gold standard, and litecoins are like a silver standard.
Anyways, what do you think? I think that cryptocurrency will revolutionize economics, since it's no longer got ANY of the baggage of traditional currency with ALL of the benefits.