Bitcoin is a P2P (peer-tp-peer) digital currency based on user networks.
This currency is based on the principle of the open source/wiki revolution of recent years, meaning there is no central authority rather all actions are taken at a collective level (unlike traditional method of monetary valuation which is based on government or financial authority regulation – known as Fiat Currency).
Is Bitcoin the future of currency?
In an economy that’s becoming far less centralized the relentless drive towards market led decentralisation can be felt everywhere – currency and payments methods are no different. From the advancements made through PayPal to Bitcoin, a full on online not for profit currency for the good of mankind. As commerce becomes increasingly trans-national and as the knowledge economy becomes increasingly dependent on homeworkers it’s likely that this will be developed into a truly global phenomenon.
Think of emails, within a few short years they had changed the way we thought of mail forever, within two decades they have become a real threat to the traditional form of paper mail, mail is now becoming synonymous with email whilst traditional mail forms are taking on derogatory names, most notably snail mail.
Does Bitcoin put the user back in control?
Bitcoin looks to change the way we view money in a very similar way to the way we view mail, by combining old and new technologies, Bitcoin put the user for the first time in direct control of the currency they use for the first time since the advent or the barter society way back in the mists of the stone age.