Sacramento Kings First To Accept Bitcoin, But What Is It?

SACRAMENTO (CBS13) — The Sacramento Kings has the tech world buzzing as the team will start accepting Bitcoin as a payment method.

But what is Bitcoin?

It’s a virtual currency that can be obtained by either purchasing already existing bitcoins, or allowing a network to use your computer to solve a mathematical problem in a process called mining. The faster your computer, the more bitcoins you will gather.

You can hold onto the virtual currency, hoping it increases in value, or spend it with the retailers who accept it.

There’s a limit on how many bitcoins can be mined in the life of the currency, creating a set scarcity later in the currency’s life.

The value of a bitcoin can fluctuate rapidly. When Bitcoin was first introduced in 2009, one bitcoin was worth $16. It’s now worth $850, down from more than $1,000 earlier this month.

More from Tony Lopez
Comments

One Comment

Leave a Reply

Please log in using one of these methods to post your comment:

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

More From CBS Sacramento

Get Our App
Get The CBS Sacramento Weather AppGet the latest radar, CBS13 AppCasts and hour-by-hour forecasts. You can also send your weather pics.

Listen Live