By Dr. Jo Webber, Founder and CEO of Oink
Let’s start from the beginning – what is a Bitcoin? Bitcoin is an open source, peer-to-peer payment network and digital currency introduced in 2009. Okay, so that’s clear! Probably the easiest way to understand it is to look at a recent deal. In December, a Florida man purchased a slightly used Tesla car using 91.4 Bitcoins. One day later, the dealership successfully cashed out 91.4 bitcoins using BitPay, an electronic payment processing system, in exchange for more than $100,000, which was what the customer had agreed to pay for the car.