Comment: About Bitcoin...

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C_T_CZ's picture

About Bitcoin...

My summary: Bitcoin is virtual and therefore you don't have anything physical. But what you do have is something that is recognized by the entire bitcoin community that you can easily exchange for physical goods and services, and the whole transaction is extremely secure for all parties as well as completely outside of FRNs, gubn't inspection, gubn't taxaction, and any gubn't control whatsoever. And it's peer to peer, so it's decentralized and basically impossible for any one person or group (or government) to control.

For Technical Details, here's Wikipedia:
Bitcoin has no central issuer; instead, the peer-to-peer network regulates Bitcoins' balances, transactions and issuance according to consensus in network software. Bitcoins are issued to various nodes that verify transactions through computing power; it is established that there will be a limited and scheduled release of no more than 21 million coins, which will be fully issued by the year 2140.

Bitcoin is administered through a decentralized peer-to-peer network.[1] Cryptographic technologies and the peer-to-peer network of computing power enables users to make and verify irreversible, instant online Bitcoin payments, without an obligation to trust and use centralized banking institutions and authorities. Dispute resolution services are not made directly available. Instead it is left to the users to verify and trust the parties they are sending money to through their choice of methods.
Bitcoins are issued according to rules agreed to by the majority of the computing power within the Bitcoin network. The core rules describing the predictable issuance of Bitcoins to its verifying servers, a voluntary and competitive transaction fee system and the hard limit of no more than 21 million Bitcoins issued in total.[1]
Bitcoin does not require a central bank, state,[31] or corporate-backer.

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