Bitcoin

Dave Killion — June 1, 2011

Hot on the heels of my post concerning the impending fall of state-protected taxi cartels comes this Reason.tv video about Bitcoin & The End of State-Controlled Money. For those of you who don’t know the first thing about Bitcoin –

Bitcoin is the world’s first fully decentralized, peer-to-peer (p2p)┬ávirtual currency. It allows users to make anonymous and untraceable cash transactions anywhere in the world without any sort of real-world intermediary. So unlike PayPal and other online services, it can’t be squeezed in the same way by governments or other control agents.

This sort of thing is to coercive government what file-sharing is to record companies: massively destructive and impossible to stop. Bitcoin, or something very much like it, is going to enable people to engage in black-market transactions with a much higher level of security than they can when using fiat currencies. Given the benefits of conducting business tax-free, I imagine folks will embrace this in a big way.

Naturally, the sooner this becomes wide-spread, the sooner we can all benefit from it. I hope you will visit the Bitcoin site and think about taking part.

Comments

David C says

Very interesting but I still don’t grasp how Bitcoin works. I will need to research this more…

— June 2, 2011

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