
Bitcoin is interesting. A peer-to-peer virtual currency which is bascially anonymous that can be used to make purchases and has a fluctuating market in relation to transfer value with other currencies. The market suggests that a bitcoin is currently worth about £5 but obviously that could have changed by now!
This is quite interesting because it is a distinct ‘real’ currency but equally it is the mechanics behind creating bitcoins - they are effectively ‘mined’. Using your PC’s CPU is not cost effective as the cost of mining the bitcoins is more than it costs you to get at them (effectively the same problem as conventional mining operations). The professional rigs make use of the cheaper computing found in GPUs where the bitcoins effectively produce a surplus.
You can strike out on your own with the necessary hardware - and can even buy optimised mining rigs (between USD400 and USD2000) to undertake the job or if you can’t be bother with that then buy a mining contract from Marchenko or Bitcoin rigs.
There is quite an extensive list of organisations that accept bitcoins but they are in the majority all a but geeky. Fortunately through various instruments it is possible to convert to conventional currencies (and Linden dollars).
I have the bitcoin plus applet running on my laptop but because the time to generate a bitcoin is random it is suggesting I’m six (now seven) hours away from generating the tiniest fraction of a single coin (0.00011152)…