When the American expansion period started, explorers headed west to mine gold because they heard of the enormous amounts gold held there. Now there are new cowboys coming. They are people who mine digital money called Bitcoin. We called them miners and they are mining with computers. Let’s find out what Bitcoin is and why it matters.

What is Bitcoin?
It is speculated Satoshi Nakamoto, a mysterious person or group of people who fought back central bank’s monopolizing currency policies and devised this currency in 2008.
Miners get Bitcoin by solving difficult problems using computers within the Bitcoin system. In plain language, Bitcoin is similar to dotori(acorn) which is a virtual currency on “CYWORLD.” The difficult problems are an example of code breaking which becomes harder and harder. Normal PCs, for example, can solve a problem in about 5 years. The amount of bitcoins issued is limited at 21 million in total. Currently, there have been 12 million bitcoins issued. The American Federal Reserve enforced quantitative easing by issuing an enormous sum of money in 2008. Therefore, many were concerned about the dollar depreciation which turned to people paying attention to the Bitcoin system.

The Economist
Bitcoin and virtual currency are not passing by trend.

TIME
Bitcoin are, in an abstract sense, perfect money.

Bloomberg
Bitcoin’s a Revolution, Not a Convenience.

EUROPEAN CENTRAL BANK
Bitcoin is probably the most successful – and probably most controversial – virtual currency scheme to date.

Process of mining Bitcoin
The Bitcoin network creates a new block of bitcoins bundles 6 times and hour and distributes them. When they create a new block, they use programs. Everyone who uses these programs have the opportunity to get a bundle of bitcoins. This process is called mining. Mining in simple terms means you put the number 1 to 1,000,000 as an answer until you get a right answer. It is a kind of simple labor that is repeated infinitely.
The amount of bitcoins created per bundle is not more than 50. Therefore, the amount of bitcoins creation programmed to decrease to 0, so Bitcoin is not exceed 21 million. If creation from block decreases, Users of Bitcoin will be induced to earn brokerage than to operate program which create block. Bitcoins are mined through programs or mining pool like Bitminter or BTCguild. In the case of mining pools, people lend their computer processing ability to mining pools and get a return. Mining pools are the most effective way for normal miners. However, they usually receive 0.00000064 bitcoins for five days of mining.

Bitcoin mining is processed by GPU not CPU. Recently, stores which can use Bitcoins have appeared at off-line along with online market and apps.
Perhaps mining Bitcoins is a foolish dream for the general public. Nevertheless, why should the world be concerned with digital money?

Bitcoins issuance is limited to 21 million. Therefore, there is no inflation or deflation like the inflation caused by quantitative easing of the dollar. The value of Bitcoins is not manipulated by banks, because bitcoins are not issued through banks. Therefore, the commission of dealing in Bitcoins is small and it can be dealt worldwide.

Bitcoins have appeared as a new currency with many people interested in mining them. This interest increases Bitcoin’s usage and reliability. However, problems exist such as being hard for normal people to mine and Bitcoin is used by criminals. Bitcoins are relatively new so problems can emerge. However, one obvious fact is that digital money is not a passing trend but that it will influence international currency systems in the future. Buying products with digital money instead of credit card or cash is commonly foreseeable in the future.