Bitcoin - Open Source Virtual Currency Project that Could Become the Gold Standa
Dec 21, 2010, 15:03 (2 Talkback[s])
[ Thanks to kiterunner for this link.
"Bitcoin is an open source peer-to-peer digital
currency project. Peer-to-peer (P2P) in this context means that
there is no central authority to issue new money or keep track of
transactions. Instead, these tasks are managed collectively by the
nodes of the network. This is one important open source project
that holds a lot promises for the future.
"Bitcoin P2P Virtual Currency - Key Advantages
* Bitcoins can be sent easily through the Internet, without
having to trust middlemen.
* Transactions are designed to be irreversible.
* Be safe from instability caused by fractional reserve banking and
central banks. Limited inflation of the Bitcoin system's money
supply is distributed evenly by CPU power across the network, not
monopolized by banks."