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Bitcoin – The First Five Questions

I recently received five questions from a radio host, and I thought his five questions were very apt – these are emblematic of the questions most people ask. It seemed appropriate and useful to make these answers public.
1. What is bitcoin?  How long has it been around?  How extensively is it used?

2. What are the major advantages of bitcoin?  How does bitcoin differ from other international payment systems like PayPal?
3.  What are the major liabilities of bitcoin?  Is it associated with any major security problems?
4.  Is bitcoin commonly used to facilitate illegal transactions?  Is it, as it has been characterized, a currency of crime?

5. Could you speculate on what the future may hold for bitcoin specifically and digital currencies generally?

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