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You might not be using it yet, but surely you’ve heard of it. Though it’s been around since 2008, Bitcoin got a lot a press in 2013 after the whole Silk Road blow-up, where people were using the Dark Web as their own personal drug pusher (and bitcoins as the traceless funds with which to make their illicit purchases). But it’s not all salaciousness and sordid business; Bitcoin is used everywhere from Virgin Galactic to Dominos, which means you don’t need to pay for your trips to the moon and pizza with extra cheese using regular Greenbacks anymore. Progress, people! Progress!
Alright, so how’s this whole Bitcoin thing work? With no government backing or country involvement, Bitcoin is a decentralized currency with no central bank. It’s like money gone rogue, the dream dollar of all anarchists (at least ones who are still into the concept of commerce and capitalism). Using a network of users, Bitcoins are traded peer-to-peer and generated using a process called mining, where computers solve incredibly complicated alogorithms that, if solved, create Bitcoins. And to keep inflation under control, there’s a total cap of 21 million bitcoins that can be minted… a drop in the bucket if you consider all the money floating around the world.
Right now, we’re over halfway to the max allotment, with about 13 million bitcoins having already been mined. As time goes on and that 21 million mark comes closer, the system will make it harder to generate the virtual cash, an attempt to avoid spikes in supply that flood the market and decrease its value. The idea is that bitcoins will be a stable, self-regulating marketplace, not subjected to the wild swings of standard currency. A money for the people, by the people.
Is this just fun or the future? Plenty of companies are putting stock in it, and right now one bitcoin is trading for 621 USD, up from practically nothing in 2011 and down a bit from a high of 800 USD earlier this year. Whatever the outcome, one thing’s for certain: There’s a shakeup happening in the digital realm, and ISAORA is getting on the bandwagon. That’s right. Now you can use Bitcoin at the our checkout.
One small step for man, one giant leap for ISAORA.