Buying bitcoin: Morgan Spurlock looks to live off online currencyChat with us in Facebook Messenger.Find out what's happening in the world as it unfolds.JUST WATCHEDReplayMore Videos ...MUST WATCHStory highlightsWhat is to be made of digital dollars?How does bitcoin work?Might you be able to eat, live and exist entirely through these mysterious moneys?In the next airing of "Morgan Spurlock Inside Man," the host sets out to examine all the essential elements of this most modern form of currency.And, in advance of Thursday's episode, here are the 5 W's of bitcoin.1.What is bitcoin?JUST WATCHEDReplayMore Videos ...MUST WATCH 2.Who uses bitcoin?For the time being the electronic currency is most prevalently used, not surprisingly, by other electronic companies. (the first major retailer to accept it,) PayPal, 1-800-Flowers, and travel sites like Expedia.3.Where is bitcoin (and how can I use it)?When will bitcoin be released, fully, into circulation?JUST WATCHEDReplayMore Videos ...MUST WATCH Why use bitcoin?

Bitcoin is a new currency that was created in 2009 by an unknown person using the alias Satoshi Nakamoto.Transactions are made with no middle men – meaning, no banks!There are no transaction fees and no need to give your real name.More merchants are beginning to accept them: You can buy webhosting services, pizza or even manicures.Bitcoins can be used to buy merchandise anonymously.In addition, international payments are easy and cheap because bitcoins are not tied to any country or subject to regulation.Small businesses may like them because there are no credit card fees.Some people just buy bitcoins as an investment, hoping that they’ll go up in value.Acquiring Bitcoins Buy on an ExchangeSeveral marketplaces called “bitcoin exchanges” allow people to buy or sell bitcoins using different currencies.Gox is the largest bitcoin exchange.TransfersPeople can send bitcoins to each other using mobile apps or their computers.It’s similar to sending cash digitally.MiningPeople compete to “mine” bitcoins using computers to solve complex math puzzles.

This is how bitcoins are created.Currently, a winner is rewarded with 25 bitcoins roughly every 10 minutes.Owning Bitcoins Bitcoins are stored in a “digital wallet,” which exists either in the cloud or on a user’s computer.The wallet is a kind of virtual bank account that allows users to send or receive bitcoins, pay for goods or save their money.Unlike bank accounts, bitcoin wallets are not insured by the FDIC.Wallet in cloud: Servers have been hacked.Companies have fled with clients’ Bitcoins.bitcoin sheffieldWallet on computer: You can accidentally delete them.bitcoin gold pendantViruses could destroy them.en iyi bitcoin kazanmaAnonymity Though each bitcoin transaction is recorded in a public log, names of buyers and sellers are never revealed – only their wallet IDs.bitcoin weed seed

While that keeps bitcoin users’ transactions private, it also lets them buy or sell anything without easily tracing it back to them.That’s why it has become the currency of choice for people online buying drugs or other illicit activities.Future in question No one knows what will become of bitcoin.It is mostly unregulated, but that could change.Governments are concerned about taxation and their lack of control over the currency.The Inside Man Bitcoin [CNN Full Documentary] This is a video about Bitcoin that speaks on what the digital currency is and how it can affect the worlds financial system.litecoin transaction chartIt is asking the questions of how fiat currencies are printed and produced by Central Banks and how Bitcoin can transform the payments systems.cnn bitcoin episodeThe interference of Government and other outside payments processors is interesting.

In the report we see if someone can leave off the currency!Watch Morgan Spurlock - Living On Bitcoin - The Inside Man Bitcoin [CNN Full Documentary] CopyChat with us in Facebook Messenger.Find out what's happening in the world as it unfolds.“This whole thing is so bananas."So says American documentary maker Morgan Spurlock in an early scene from an upcoming episode of CNN's Inside Man that focuses on bitcoin.During the show, Spurlock buys bitcoin at the New York City Bitcoin Center, helps set up new machines at a bitcoin mine and visits now-defunct Silk Road 2.0 black marketplace to purchase a fake Rolex.The episode debuts on 19th February at 21:00 ET/PT, and like his controversial, Oscar-nominated 2004 documentary Super Size Me, the show centers on the concept of Spurlock surviving on one particular thing – in this case, he lives on bitcoin instead of the dollar.Over the course of the episode, Spurlock helps mine bitcoin with New York-based CoinMiner, earning a day's wage by assembling new ASIC racks.

During a search for coffee shops that accept bitcoin, Spurlock convinces one store to download a wallet and accept bitcoin.The episode features a number of animated segments detailing how bitcoin mining works, including the distributed ecosystem of miners' role in verifying transactions.Other notable segments include a visit to a coffee shop that charges a minimum of $25 for orders paid with bitcoin.When asked why the charge minimum was put in place, the barista pointed to the volatility in the price of bitcoin."It's so volatile that we could end up kind of getting hurt in the end, so we like to keep a good-sized transaction," the barista told Spurlock.Spurlock conducts several interviews during the episode, including sit-downs with security researcher Dan Kaminsky, former FBI special agent Christopher Tarbell, West Virginia Democratic Senator Joe Manchin and author and bitcoin advocate Andreas Antonopoulos.He ultimately points to bitcoin's open transaction ledger as a potential game-changer for how political and financial systems operate, concluding: "Even if the bitcoin currency bubble bursts, the technology could go down in history as one of the most important inventions of this century.