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CNN You've heard the term: bitcoin. But really, what is to be made of or from all these digital dollars? Or, more importantly, how do they work, and might you conceivably be able to eat, live and exist entirely through the use of these mysterious moneys? More Videos Why are all the bees dying? Where does your garbage go? Can you live off of Bitcoin? Can these apps help you find true love? Which animal smells like teenagers, manure and weed? Morgan Spurlock learns the do's and don'ts of gorilla feeding.
Get a colonoscopy on your exotic vacation. The views are just as unbelievable as the prices. Meet our robot overlords? Inside a race car that drives itself. UFO hunters. How many cameras watch you every day? Behind that puppy in the window. How to live forever. Story highlights What is to be made of digital dollars? How does bitcoin work? Might you be able to eat, live and exist entirely through these mysterious moneys?
In the next airing of " Morgan Spurlock Inside Man ," the host sets out to examine all the essential elements of this most modern form of currency. And, in advance of Thursday's episode, here are the 5 W's of bitcoin. What is bitcoin? Formal definitions aside, how best to explain money that you can't hold, smell or feel, yet has every bit the purchasing power of paper or plastic? In short, bitcoin was designed as a less expensive way to buy and sell goods, all around the world, while dodging pre-exisiting financial institutions.
Read More. Either way, at least it won't weigh down your pockets with a ton of silver and copper. How Bitcoin works Who uses bitcoin? While the virtual money is available to anyone, it isn't accepted by everyone, yet. For the time being the electronic currency is most prevalently used, not surprisingly, by other electronic companies.
According to a recent write-up in The Motley Fool, bitcoin is particularly popular on sites like Overstock. However, in his own neighborhood, Spurlock struggled to simply caffeinate his experience, repeatedly hearing that various coffee shops would not allow him to pay with bitcoin. But the host did learn that bitcoin is extremely popular, and regularly utilized, throughout the Internet's seedy underbelly. So, while java can be tough to get, drugs, guns, various documents or even a hit man are available to those with the bitcoin.
Joined by Chris Tarbell, a former FBI agent who helped take down "Silk Road," one of the first subsurface sites that allowed users to anonymously surf the Internet, Spurlock learns firsthand just how easy it is to cash in on illegal goods via the use of bitcoin. It's like it's a grab bag. We should probably go to psychedelics.
So, while bitcoin may not yet get you a grande espresso with whipped cream, you can use it to satisfy other, slightly more sinister -- and illegal -- addictions.
Where is bitcoin and how can I use it? Loosely stated, bitcoin is everywhere, and anywhere, as the the creators designed the currency to be used worldwide.
But specifically, it's in your wallet -- though Prada, Kate Spade, Coach and Gucci won't help you here. To use bitcoin, you'll need a digital wallet, something you download. In learning about the product, Spurlock got some guidance. Install that, click that," explains an expert on the bitcoin trading floor.
Once you're outfitted with your digital wallet, an NFC chip serves as a password and helps encrypt -- and thus protect -- your bitcoin account. The account is given an address, not unlike an email address, that is identifiable by a unique QR code. And it's this QR code that is scanned upon the acquisition of bitcoin, as well as during the purchase of goods at participating vendors.
Once scanned, money is then transferred in and out of accounts. When will bitcoin be released, fully, into circulation? That's the projected date by which experts expect to see the full lot of bitcoin -- roughly 21 million units -- released into circulation.
At present, digital miners are working feverishly to solve complex mathematical problems, the completion of which result in the release of additional bitcoin. The cap was placed in the beginning as a way to guard against inflation. The moral of the story: Buy your bitcoin now, before the virtual well dries up. What the heck is Bitcoin? Why use bitcoin? Quite simply, bitcoin makes sense.
And cents. For the user, the exchange eliminates clunky transfer surcharges, while for vendors it increases profit and eliminates fear of fraud. Meanwhile, for Brooklyn Bodegas, a food store that served as a grocery guinea pig, the use of bitcoin minimizes proprietor risk.
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AP — Louisiana Gov. AP — A judge on Friday approved an agreement by lawyers to destroy the assault-style rifle that Kyle Rittenhouse used to kill two people and wound a third during a street protest in Wisconsin. Capitol insurrection subpoenaed more than a dozen individuals Friday who it says falsely tried to declare Donald Trump the winner of the election in seven swing states. Omicron, the highly contagious coronavirus variant sweeping across the country, is driving the daily American death toll higher than during last fall's delta wave, with deaths likely to keep rising for days or even weeks. East Coast ahead of a storm expected to drop heavy, fast-falling snow on some of the nation's biggest metro areas, including Philadelphia, New York and Boston. AP — The wind-whipped ice pellets slammed against their faces and made their cheeks feel like frozen sandpaper. On another part of the mountain, the Alpine skiers had been sent back to their hotels, told the conditions were too dangerous for racing that day. AP Exclusive.
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During the show, Spurlock buys bitcoin at the New York City Bitcoin Center , helps set up new machines at a bitcoin mine and visits now-defunct Silk Road 2. During a search for coffee shops that accept bitcoin, Spurlock convinces one store to download a wallet and accept bitcoin. The episode features a number of animated segments detailing how bitcoin mining works, including the distributed ecosystem of miners' role in verifying transactions. When asked why the charge minimum was put in place, the barista pointed to the volatility in the price of bitcoin. He ultimately points to bitcoin's open transaction ledger as a potential game-changer for how political and financial systems operate, concluding:. The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies.
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Raised in Pittsburgh, PA, Nicholas Mross is a director and independent producer who has been actively involved in the Pittsburgh film industry since graduating from the Toronto Film School in Also a Clemson University Marketing graduate, his background envelops a wide range of experience includ ing web and corporate videos, commercial work, short and feature films, as well as various charity and non-profit projects. His most noteworthy work is the feature film Riddle , a thriller starring Val Kilmer and Elisabeth Harnois. Born in Snellville, GA, Ben Bledsoe grew up acting and singing; you could often find him in commercial and television spots throughout the 90s. At age 16, Bledsoe was a founding member of the band Natural, who earned two US Gold Records, toured internationally and went on to sell over 2 million records worldwide. Patrick Lope is an Emmy Award-winning television producer. Through his company, Lupo Productions, Patrick began producing the MTV documentary series, True Life, in and has since created more than 25 episodes.
The cryptocurrency was invented in by an unknown person or group of people using the name Satoshi Nakamoto. Bitcoins are created as a reward for a process known as mining. They can be exchanged for other currencies, products, and services. Bitcoin has been criticized for its use in illegal transactions, the large amount of electricity and thus carbon footprint used by mining, price volatility , and thefts from exchanges.
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me nra) good idea.
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