Virtual Money Bitcoin

bitcoin – []

Bitcoin is a peer-to-peer currency. Peer-to-peer means that no central authority issues new money or tracks transactions. These tasks are managed collectively by the network.

What is Bitcoin? – []


So why the interest in bitcoin?

Simple. It appears to be gaining critical mass as a transactional currency that operates outside of the traditional monetary conduits (banks, SWIFT, etc.). That fact alone has attracted lots of people to the system, despite the fact that it’s not built to allow completely anonymous transactions (it can’t be, given that it requires network broadcasts of every transaction to maintain the integrity of the system and prevent counterfeiting).

Is the cryptocurrency Bitcoin a good idea? – []

No. Bitcoin is a ludicrously bad idea. It is a scam. A Scam. It is not a currency. The economic assumptions underpinning the Bitcoin ecosystem are laughable, and ignore hundreds of years of accumulated understanding of how currencies work with each other.

Fortunately, it’s such an obviously flawed system that it will probably never grow to a point where it causes any ill-effects,or even impact, to world economies.


Some random thoughts on Bitcoin, the decentralized online currency. Here’s something to stir the pot and have some fun:

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