With UCF just hours from kickoff in the Bitcoin St. Petersburg Bowl, perhaps one question truly is still perplexing fans across the nation: What exactly is Bitcoin?
Simply, Bitcoin is an anonymous peer-to-peer currency in which there are no transaction fees and there is no regulation. Essentially, Bitcoin is a digital currency.
People work to solve mathematical problems in order to "mine" or accumulate Bitcoins. The currency can be acquired by mining, by accepting them in exchange for a good or service or can be purchased at Bitcoin Exchanges, according to USA Today.
PayPal co-founder, investor and entrepreneur shares his thoughts on the future prospects of Bitcoin.
According to an FAQ on Bitcoin.org, "While Bitcoin remains a relatively new phenomenon, it is growing fast. At the end of August 2013, the value of all Bitcoins in circulation exceeded US $1.5 billion with millions of dollars worth of Bitcoins exchanged daily."
The value of Bitcoin is constantly changing. However, at the time of publication, one Bitcoin is equal to $327.40. A person making $40,000 per year could convert their salary into 122.1 Bitcoin.
"With e-currency based on cryptographic proof, without the need to trust a third party middleman, money can be secure and transactions effortless," said Satoshi Nakamoto, Bitcoin developer.