Posted on 5th April 2013
For the last few weeks, a few friends and I have been charting the rise of Bitcoin, an online decentralized currency that provides anonymity and a certain degree of security. Many people I know have been skeptical of it, not just from concern as to its financial sense but as to the technical details supporting ‘online cash’.
As priceonomics puts it:
Bitcoin is an elegant solution to a difficult technical problem. But that won’t move millions of people to adopt a new form of money. Bitcoin has three advantages capable of driving its adoption. It decentralizes trust and reduces the control of governments and banks over the money supply; it offers anonymity and freedom from censorship over individuals’ use of their money; and it reduces the fees on online purchases and transfers of money.
I high suggest reading this article as it puts forth in a simple, non technical way, the mechanics behind bitcoin and an analysis of its future viability. Really a must read for anyone interested in technology and society.