So what IS BitCoin?

bitcoinBitCoin is a virtual currency,  except  truth be told, there’s not much about it that’s ‘virtual.’

One of  the developers, Amir Taaki  lives  in a squat in an office building  in central London.

And the similarity  of this new currency’s name to Bit Torrent,  the P2P protocol loathed and hated by the corporate entertainment cartels isn’t entirely coincidental 😉

Moreover, I suspect BitCoin will soon be equally despised by the corporate banking brotherhood, if that hasn’t happened already.

“Bitcoin started running on January 3, 2009, and is now a working decentralised monetary system with thousands of users around the world, writes Nicolas Mendoza in Al Jazeera.

“The Bitcoin protocol is based on a fundamental critique of the world’s monetary system: that it demands undeserved amounts of trust from us. Nakamoto thought that it would be better to place trust outside the monetary system itself and back into social life.”

It’s  based on an open-source, peer-to-peer internet protocol. It was introduced by pseudonymous developer  Satoshi Nakamoto in 2009, says the Wikipedia.

P2P money, heh 🙂

Jon Newton — myblogdammit

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One thought on “So what IS BitCoin?

  1. Pingback: It's My Blog, Dammit! Anything and Everything! | First Bitcoin hedge fund

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