BitCoin is a virtual currency used online at specific websites, and some sites let you convert your bitcoin credits into rewards such as pre-paid credit cards.
You can earn bitcoin credits either by selling products services to other bitcoin users (and have them pay you bitcoin credits) or you can run a computing tool that uses your CPU/GPU to do calculations for bitcoins. This is similar to the Folding at Home app on the PS3 except you can use your virtual credits (bitcoins) to trade with other people for products/services or for real money.
Don't expect to make a lot of money with this. You might be able to get about $3 per day if you run a ATI Radion HD 5780 Graphic Card constantly for one day.
The PS3 does 21 Mhash/s , which is quiet good for an CPU. On the current difficulty mine 5870 does roundabout 0.31 per day, which is with the current value $5.36. The electricity costs are roundabout $3 per day for it, so it only make sense to mine if you have more capacity or some seed capital which you want to use.
I'm kinda experienced in BTC's, so for any further questions - I like to answer them.
Last edited by oVERSoLDiER; 06-27-2011 at 05:02 AM