I have been invited to play in a poker tournament for Bitcoin bloggers. This is simply more evidence that I am a well-respected thoughtleader in the Bitcoin bloggersphere. However, in order to claim my seat, I need to actually write a blog post about Bitcoins. So, here goes nothing:

New “Internet Money” BitCoin Takes The Cybersphere By Storm



Move over, Yen, because there’s a new currency in town! They’re called “BitCoins” (short for “Bite-Sized Coinage”), and unlike dollars or precious gemstones, they exist on the internet, just like many of your favorite websites.

Whereas dollars are made up of paper and ink and dead President, BitCoins are made up of computer “code,” which is the language that computers use to talk to each other. Unlike worthless fiat currency, which the government just prints and backs with nothing, BitCoins are created out of thin air by computers and are probably worth millions of dollars.

Stored in virtual wallets that you can buy at Macy’s, BitCoins can be easily transferred via co-axial cable, making them extremely useful for e-commerce purchases. Indeed, an entire BitCoin economy has sprung up. Today, a BitCoin user can purchase a BitCoin mining rig, a t-shirt that says “I Am A BitCoin Enthusiast” on it, and custom erotic fanart without ever having to use real money.

Even though they’re a virtual currency, BitCoins are popping up all over the physical world too. Just last week, the first garbage can that accepts BitCoins was erected in Vancouver, Canada. And in Houston, TX, charitable Libertarians donated over 10,000 BitCoins to the city in exchange for ending a free lunch program for children of single mothers.

With a current value of 17 cents per coin, clearly the sky’s the limit for BitCoins. Or as BitCoin enthusiasts on Reddit, a nonconsensual voyeurism website, are fond of saying, “We are going to go increase in price!” Happy BitCoining!

- Virgil Texas, Well-Known BitCoin Blogger