How cryptocurrencies like bitcoin work

Imagine you had money which wasn’t kept in a bank, wasn’t controlled by the government, which you could use anonymously, and which you will never hold.
Would you be willing to use it?
Several Internet users already do, so much so that the most popular cryptocurrency, bitcoin, has shot up in value from a few cents in 2009 to $4,114 as of this writing.

While cryptocurrencies like bitcoin seems like an alien concept to many, it’s patterned after how any other currency works. It has a real-world value and this value increases or decreases depending on the market.
James Florentino and Joseph Ross Lee of web development company Merge Commit believes Filipinos can benefit from using it, whether it be in everyday transactions for both the public and private sector.
They share that Filipinos already use it to receive payment from foreign employers while working in the Philippines, especially if you are in the tech industry; to make remittances, or in gambling.
Read on for a quick background on cryptocurrencies, and why they may be the currency of the future.

Read more: http://technology.inquirer.net/65959/cryptocurrencies-like-bitcoin-work#ixzz4pdyMeaJI
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