Chargebacks911 COO Monica Eaton appeared in a recent feature for Reader’s Digest explaining the concept and purpose of Bitcoin, as well as its benefits and pitfalls.
Reader’s Digest is America’s fourth-largest magazine by circulation. After nearly a century in publication, RD stands out more than ever in today’s cultural landscape due to its optimism, faith, heroism, trust, humor, and wellness themes.
Bitcoin is the largest cryptocurrency, or digital money, based on market capitalization. It’s managed using the blockchain, a decentralized network outside the governance of any country’s economy or government. Bitcoin is created through the process of mining, which is done by computers, and consumers can make money by mining, buying, selling, trading, or lending bitcoins.
Aside from the obvious, what makes Bitcoin so different from standard currency, though? “Bitcoin is the oldest and most well-known type of cryptocurrency, which is a decentralized, digitized, non-state form of money—like a virtual version of American dollars,” Monica said, elaborating on Bitcoin’s conception and utility.
“Unlike traditional money, which is printed, regulated and backed by a state government, bitcoin doesn’t require a bank, so it can be bought and sold independently via a peer-to-peer network.”
However, whether or not Bitcoin will ever become a legitimized standard currency remains to be seen. In previous articles, Monica has explained that the cryptocurrency market is extremely volatile and uncertain, owing in no small part to its lack of centralized regulation.