It is not a modification of the dominant financial system or even an extension of it… it's a Klingon colony that dropped to Earth in 2009.

As I've also mentioned in the past, what matters about Bitcoin is not the technology itself (which is fascinating but not perfect), and it's certainly not the dollar exchange rate. What matters about Bitcoin are the thousands of young people who have grasped its meaning, and who get up every morning excited to do something with it.

So today I want to show you some of the new developments that are coming from the Bitcoin colony. These aren't the only new developments, but they are among the most important of them, and they help to paint a picture of what's emerging.

First, however, I should extend my thanks to Velas Commerce, the Bitcoin and e-commerce consultants who kindly shared material with me.