Sunday, May 22, 2011

Bitcoin the most dangerous invention since the beginning of the internet


It's a new way to transfer money between two person without the intervention of a third party. You can say it's a new type of currency, a virtual currency, that gives value to certain coins made of bits. The Bitcoins.
This reduces the costs of using a third party to zero, and gives total anonymity on the transactions. It's a new type of currency, that is not connected to any country or organization and it is been used to buy drugs, to make bets and other illegal activities. Since it is totally off the records.

The transferences are made in P2P (peer-to-peer), just what like you know as "torrents".


The idea of Bitcoin started in 2009 but in the beginning of this year 2011 (see it here), it started to catch the attention and I consider, that it is now, on the peak of "Gartner Hype Curve".

The "coins", called Bitcoins, are created by the CPU of each user, but their creation and number are regulated in network of user, this way the number of coins that are created, have a steady grow and can be exchange with others for real money. When this post was written, 1 Bitcoin was worth 6.28 USD (http://bitcoincharts.com/markets/ )

Bitcoins are very dangerous. Even if the governments intervene, it's still an open-source and a P2P project, this means it's at the hands of general public and so... it's everywhere.
This was invented with the best intentions. But is just like Alfred Nobel, when he invented the dynamite. Good intentions won't stop others from using it in the wrong way.

If you want to know more, here are some links that will explain further what I wrote:
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