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Can someone explain what exactly is Bitcoin?
LanceBaynes
Posted 2011-06-09T16:59:08.687
Reputation: 3 510
What is Bitcoin?
Answers
6
Bitcoin is a digital currency created in 2009 by Satoshi Nakamoto. The name also refers both to the open source software he designed to make use of the currency and to the peer-to-peer network formed by running that software.
Unlike other digital currencies, Bitcoin avoids central authorities and issuers. Bitcoin uses a distributed database spread across nodes of a peer-to-peer network to journal transactions, and uses digital signatures and proof-of-work to provide basic security functions, such as ensuring that bitcoins can be spent only once per owner and only by the person who owns them.
Bitcoins can be saved on a personal computer in the form of a wallet file or kept with a third party wallet service, and in either case bitcoins can be sent over the Internet to anyone with a Bitcoin address. The peer-to-peer topology and lack of central administration are features that make it infeasible for any authority (governmental or otherwise) to manipulate the quantity of bitcoins in circulation, thereby mitigating inflation.
- Source: http://en.wikipedia.org/wiki/Bitcoin
- Beginners Guide http://startbitcoin.com
- Another source: http://www.bitcoin.org
- Another source: http://www.weusecoins.com
paradd0x
Posted 2011-06-09T16:59:08.687
Reputation: 7 771
1
"Bitcoin is a peer-to-peer currency. Peer-to-peer means that no central authority issues new money or tracks transactions. These tasks are managed collectively by the network."
See more at http://www.bitcoin.org.
soandos
Posted 2011-06-09T16:59:08.687
Reputation: 22 744
1
Bitcoin is a non-national, internet currency that can be used to make purchases across the web. Like other currencies, it has exchange rates to various national currencies. More on wikipedia
uSlackr
Posted 2011-06-09T16:59:08.687
Reputation: 8 755
1
First hit with Google.
Dave M
Posted 2011-06-09T16:59:08.687
Reputation: 12 811
Suggesting people google and linking articles is frowned upon, because soon google will take people here, and articles can be taken down or moved. – Darth Android – 2011-06-09T17:23:19.137
1Linking to the actual organizationis frowned on? What do you suggest? The tool to insert the link is provided. – Dave M – 2011-06-09T17:44:39.517
1Dave makes a valid point, his answer although short is correct, that site will tell you what bitcoin is... however maybe just leave a comment next time if you don't have anything extra to add? – Supercereal – 2011-06-09T17:53:03.110
3I would certainly link to the website, but I would also add enough content to briefly answer the question, such as Thiago M.'s answer. The best way to look at it is: If all the links/references to external websites fail or break, can your answer here still stand by itself? – Darth Android – 2011-06-09T17:56:41.697
If you plan to use it, I'd recommend you have a look at some of the latest articles on ars: http://arstechnica.com/search/#bitcoin
– Svish – 2011-06-20T15:44:08.650http://bitcoin.stackexchange.com/questions/336/what-is-a-good-way-to-concisely-explain-bitcoin – Pacerier – 2012-06-17T17:26:11.577