The Digital Gold Rush.

The internet has, once again, crept in and revolutionized society by changing the way we see the concept of ‘mining’. Bitcoin is a digital currency (or cryptocurrency) that is being traded among a growing community of merchants worldwide.

Because they can be stored; traded and there is a limited supply, one could compare mining Bitcoins from the internet to mining gold right out of the ground. The information of monetary transactions done via the bank are stored on super computers inside massive buildings. Bitcoin harnesses the power of the internet to do this and therefore relies on a community of miners to achieve this. This is Bitcoin mining. The greater the mining community, the smaller each portion of the reward becomes. The good news is: like gold, a Bitcoin may also be earned or purchased.

Still a complicated concept for many to grasp, however the Huffington Post has said it may be the next big thing in finance. As it stands today, the value of one Bitcoin is 1026 USD($) and trading in this currency eliminates the volatility of two currencies against each other.

Like the pioneers in the 19th century who traveled to South Africa after the discovery of kilometers of underground gold deposits in the Transvaal, the future is looking bright for those who invest early. As the Latin proverb goes: “Fortune favours the bold”.