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1 of 3 Premium Clicks used this month SUBSCRIBE Print + Online Subscriber Activation | Register x Forgot Password | Need an Account? e-edition | subscribe | newsletter | deals Classifieds Jobs Autos Real Estate FEATURED » NEWS NOW Emergency services, Sept. 5 ... As he posted updates on the Gap blaze, firefighter found own home surrounded by flames ... Measure 97: Oregon's salvation or peril? ... Emergency services, Sept. 5 ... As he posted updates on the Gap blaze, firefighter found own home surrounded by flames ... Measure 97: Oregon's salvation or peril? ... Virtual currency comes with real life rewards — and risks Bitcoin is a digital currency with similarities to cash and gold. Comment By Pete Hahnloser MailTribune.com By Pete Hahnloser Posted Feb. 23, 2014 at 2:00 AM By Pete Hahnloser Posted Feb. 23, 2014 at 2:00 AM » RELATED CONTENT Learn more about Bitcoin --> To use bitcoins, people need to create an electronic wallet, possess certain apps and deal with other users, including merchants. Here are some helpful Web links to learn more: http://blog.zo... » Read more X Learn more about Bitcoin To use bitcoins, people need to create an electronic wallet, possess certain apps and deal with other users, including merchants. Here are some helpful Web links to learn more: http://blog.zorinaq.com/?e=66 https://en.bitcoin.it/wiki/Introduction https://bitcoin.org/en/how-it-works • Is Bitcoin mining the new gold rush? » Social News Bitcoin is a digital currency with similarities to cash and gold. Like gold, bitcoins can be mined — but there's no digging involved, just considerable amounts of computer processing power. Any computer can mine bitcoins with the right software and an Internet connection, but the speed of mining depends on the speed of the hardware. At regular intervals, a new "block" is generated, currently worth 25 bitcoins, all of which go to the miner whose computer happens to perform the correct math at the right time. Unlike gold and cash, however, the currency has a hard upper limit. Sometime around the year 2140, the final bitcoin will be mined, and 21 billion will be in circulation. Along with minting bitcoins, all of that mining work keeps the ledger in line. As people spend (or keep) their bitcoins, the transactions themselves create the math problems that need to be solved by miners. Each bitcoin has a digital signature. All that math means the Bitcoin system knows where each bitcoin is at all times, so counterfeiting is out of the question. Bitcoins are stored in "wallets" — digital files stored on individual computers. Transfers are direct. They do not go through a financial institution like credit card transactions do. The name is apt. Delete the wallet file, and the results are the same as losing a physical wallet full of cash: bye-bye, bitcoins. There's an ever-expanding list of merchants who accept bitcoins for payment, but for now, the most popular options are selling bitcoins online for cold, hard cash or holding onto them in the hope their value will skyrocket. Mining isn't the only way to get bitcoins. The currency is bought and sold on websites anyone can join — one of the most widely used is mtgox.com — so boarding the Bitcoin bandwagon is just a few clicks away. Reach copy editor Pete Hahnloser at [email protected]. By Pete Hahnloser MailTribune.com By Pete Hahnloser Posted Feb. 23, 2014 at 2:00 AM » Comment or view comments Reader Reaction » STAY INFORMED Email NewsLetter Sign Up Today Sign up for our newsletter and have the top headlines from your community delivered right to your inbox. Southern Oregon Directory Featured Businesses Loading... Business Name address Location, ST | website.com Find Southern Oregon Attractions Bars Restaurants Beauty Salons Entertainment Doctors Medical Specialists Contractors Education Lawn Services Lawyers Shopping Travel Tanning Used Cars Wedding Services ▼ Add your business here + Events Calendar Connect with MailTribune.com Facebook Twitter RSS Back to top Reader Services Reader Services Home Subscriptions Subscriber controls Contact us Submissions Photos Events Letters to the editor Corrections Announcements Obituaries Story ideas Since you asked Alerts Email Alerts RSS Feeds Text Alerts Advertise Media Kit Home Products and services Ad rates Advertising contacts Propel Marketing Mail Tribune Daily Tidings The Nickel Shop Our Valley Blogs Mobile Site Stay Informed Email newsletter Sign Up Today Sign up for our newsletter and have the top headlines from your community delivered right to your inbox. Your privacy is important, read our privacy policy. © Copyright 2016 Local Media Group, Inc. All Rights Reserved. Privacy Policy | Terms of Service | Local Media Group Publications Original content available for non-commercial use under a Creative Commons license, except where noted. MailTribune.com | P.O. Box 1108, Medford, OR 97501