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

Follow me on identi.ca

RSS FEED —  http://www.myblogdammit.net/?feed=rss2

It’s My Blog, Dammit! content is licensed under Creative Commons, unless otherwise stated.

 Comments are the responsibility of  whoever posts them. Dammit  is not liable for them in any way, or at any time.

Contact me @ myblogdammit (at) shaw.dot ca

SPONSORED BY >>>

FrostWire — Share
Big Files
Why pay to host your content in a server? FrostWire lets you share your creations with millions of people right from your computer, absolutely free?

>>>

iVideo Converter converts videos fast for iPad, iPod, iPhone, PSP, Cell Phone, Windows Media, or any major media player, including popular HD and HQ.

And >>>

A twitter game  where words where words are redefined with jokes  🙂

[Follow me on identi.ca]

RSS FEED – http://www.myblogdammit.net/?feed=rss2

First they ignore you, then they laugh at you, then they fight you, then you win ~ Mahatma Gandhi …

 

One thought on “So what IS BitCoin?

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

Comments are closed.