Admit it - you've heard of Bitcoin, but are cloudy on what it is. I thought it was some type of speculative currency that operates on the interwebs (feels like a sham) until I started digging in.
Here's what Wikipedia say it is:
"Bitcoin is a software-based online payment system described by Satoshi Nakamoto in 2008 and introduced as open-source software in 2009. Payments are recorded in a public ledger using its own unit of account, which is also called bitcoin. Payments workpeer-to-peer without a central repository or single administrator, which has led the US Treasury to call bitcoin a decentralized virtual currency. Although its status as a currency is disputed, media reports often refer to bitcoin as a cryptocurrency or digital currency."
Hmm. Why does it matter to HR pros? Well, chances are your business has to execute financial transactions, and one way your business can improve margins is to reduce transaction fees related to credit cards, bank fees, etc.
Bitcoin exists to cut those fees. Will it go mainstream? No way to tell, but as the news breaks this week that Ebay is spinning off PayPal into it's own company and stock, it's important to remember that at one time, PayPal felt semi-shamish to a lot of people as well.
Dig into more of the goals of Bitcoin in the 10 minute video below. (email subscribers click through for video)
Your Finance people love it when HR pros know something about transactions.