Bitcoin – What Is It and What Does It Mean to Business?

What is Bitcoin?

Bitcoin is a digital-only currency, or “cryptocurrency,” created in 2009. It has many (or perhaps all) of the characteristics of any currency, except it’s 100% digital and that it isn’t controlled by any bank or government—Bitcoin exists without any institutional support and parties transact without requiring a trusted third party, such as a bank. This is because the mechanism for recording Bitcoin transactions, which is called Blockchain, is secure and reliable.

These fundamental differences haven’t stopped people from using it: the total value of Bitcoins in circulation is now over $190Bn!

To find out more about Bitcoin and other cryptocurrencies, and what they’ll mean to your business moving forward, read our CEO’s Briefing:

Freeman Clarke is the largest and most experienced team of part-time, or fractional, IT leaders. We work exclusively with organizations looking to use IT to grow their business. For an informal conversation, contact us and we’ll be in touch.