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What Bitcoin Is, and Why It Matters


Recent weeks have been exciting for a relatively new kind of currency speculator. In just three weeks, the total value of a unique new digital currency called Bitcoin has jumped four times, to over $40 million.

Bitcoin is underwritten not by a government, but by a clever cryptographic scheme.

For now, little can be bought with bitcoins, and the new currency is still a long way from competing with the dollar. But this explainer lays out what Bitcoin is, why it matters, and what needs to happen for it to succeed.

1 Comments in Response to

Comment by Forty Four O Nine
Entered on:

Someone ask me I would take bitcoins for one of my new shirts. I said yes as long as you take a bitshirt in return. This currency is about a big of fantasy as the Federal reserve notes. 

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