Thursday, May 26, 2011

What's Bitcoin and Why Should I Care?

MIT's Technology Review magazine has a nice overview of bitcoin. Seems to be using public-key encryption to exchange digital currency.

What Bitcoin Is, and Why It Matters

Nakamoto wanted people to be able to exchange money electronically securely without the need for a third party, such as a bank or a company like PayPal. He based Bitcoin on cryptographic techniques that allow you to be sure the money you receive is genuine, even if you don't trust the sender.
Wikipedia screenshot from Discover app by Cooliris

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