What is bitcoin?

It’s been a week, and i’ve left the bitcoin novice corner behind! But it’s far from easy! I now know how to receive bitcoin’s, but i’m not sure how to spend part of my bitcoin’s!

And don’t be fooled by the many websites offering free bitcoins! Their are fractions of bitcoins called uBTC and mBTC, and the sites give you 44 uBTC etc for watching video’s and viewing links. But a uBTC isn’t a bitcoin! It’s a fraction of one –  if you’re lucky you’ll earn $0.02.

The primary question after a week of exploring the bitcoin universe isn’t how to use it, or why people are using it (although both those questions are also intriguing me)!! It’s what the bitcoin value will be – if it’s still around – in 5 or 10 years.

Apparently a few years ago when bitcoin first started, US $1 was equal to about 1200 bitcoins or some huge number like that! And today? 1 bitcoin is $140! Speculators who jumped into bitcoin early made a ton of cash!

So where do you think bitcoin will be in 1 year, 5 years and 10 years?

a. $1 = 1 bitcoin

b. $1 = 1000 bitcoins

c. 1 bitcoin = $1000

d. 1 bitcoin = $100,000


Those aren’t random ideas i’ve thrown on the page – i asked a ton of well informed, well educated thinkers who understand the bitcoin market what they think, and those are the different answers that people gave me.

Anyway, following along with the trend, if you like this post, please don’t offer me a tip on paypal – that’s so 2012!

Sends bitcoin’s (or uBTC or mBTC) to:


Eric EdelsteinWhat is bitcoin?