Bitcoins: What are they, and how do they work? (Guardian.co.uk)
Bitcoin is one of the first attempts to create a real-world currency with no governments, no central banks, and no rules. Bitcoins have been generating value from nothing, and breaking the economic rules of virtually every currency.
Bitcoin: more than just the currency of digital vice (Guardian.co.uk)
The Bitcoin network is structured like a guerilla movement: it is decentralised, controlled by its users rather than governments. This means it is (theoretically, at least) anonymous, and that, unlike credit cards and PayPal, which block payments from a number of countries, it enables instant payments to anyone, from anywhere in the world. That’s why criminals love it and why some online retailers do, too. It’s money without any kind of safety net below it. There’s no legislation to protect your investment and you can’t protest fraud.
Bitcoin, the ‘new gold’ – but what on earth is it? (Telegraph.co.uk)
Bitcoin, a form of electronic money, is grabbing attention in the financial world after the price went stratospheric in recent weeks – but most people have never heard of it.
Bitcoin: The Cryptoanarchists’ Answer to Cash (Spectrum.ieee.org)
The simplest way to understand Bitcoin is to think of it as a digital ledger book. Imagine a bunch of people at a table who all have real-time access to the same financial ledger on laptops in front of them. The ledger records how many bitcoins each person at the table has at a given time. By necessity, the balance of each account is public information, and if one person wants to transfer funds to the person sitting across from him, he has to announce that transaction to everyone at the table. The entire group then appends the transaction to the ledger, which they all need to agree on. In a system like this, money never has to exist in a physical form, and yet it can’t be spent twice.
A Bit of Coin: The Bitcoin Revolution (SingularityHub.com)
Bitcoins are a “cryptocurrency”. Instead of being backed by physical scarcity, they’re generated mathematically. There can never be more than twenty-one million of them. Until that limit is reached (projected to be in 2140) anyone can make bitcoins at home by running algorithms to discover them. Called “mining”, generating bitcoins involves nothing more than downloading the freeware bitcoin client and selecting a menu option. But you’re not guaranteed to find any in your first hour of hunting or even your first year, and it gets harder as more and more people jump on the bandwagon. Especially when some such jumpers are building dedicated “mining rigs” that turn GPUs over to the task and can sift through the work much faster than your laptop.
Bitcoin May Be the Global Economy’s Last Safe Haven. (BusinessWeek.com)
Bitcoin is no more arbitrary than derivatives or credit default swaps. Given that regular folks, if they’re nerdy and interested in Bitcoins, can use the currency for all manner of things, including illegal things, it’s arguably a far less arbitrary instrument.
The bitcoin bubble: Why speculative bitcoin buy-ins now point to a disastrous bitcoin crash. (NaturalNews.com)
Bitcoin is a powerful, game-changing crypto currency that may literally change the world. It’s a huge threat to centralized banks and government currency controls because it’s entirely decentralized, anonymous and virtually impossible to track. Bitcoin is the “underground railroad” of money, and it has an important role to play in the epic battle between liberty vs. slavery.
The bitcoin bubble explained: Understanding the mathematics of the inevitable bitcoin crash. (NaturalNews.com)
The few smart people who manage to build such systems and deploy them will likely become millionaires. Everybody else who depends on human reaction times in an attempt to try to “time the market” will ultimately be the losers. If you are buying bitcoins right now and thinking to yourself, “I’m gonna buy today, hold them, and sell at the top!” then look in the mirror and mouth the word “SUCKER” to yourself ten times until it sinks in.
Bitcoin: How the Internet Created Its Own Currency. (Mashable.com)
Bitcoin is a peer-to-peer decentralized digital currency. It differs from traditional, government-backed currencies in that there is no central issuer, and there are no middlemen involved for various transactions. The supply of Bitcoin is regulated not by a central bank, but by software. The original rationale behind Bitcoin was to create a type of electronic currency that was anonymous, secure and independent from governments or other central authorities.
7 things you need to know about Bitcoin (TechHive.com)
Bitcoins aren’t tied to the fortunes of any single nation’s economy. They’re easy to exchange, and they aren’t subject to transaction fees. But you need to know a few important things before throwing your money into the volatile bitcoin market. You need to understand how the Bitcoin system works, where it succeeds, and where it’s weak.