An introduction to the cryptocurrency system called Bitcoin. The cryptography, the economics of currency bootstrapping, and the traction its getting today.
Bitcoin is an anonymous, distributed, decentralized, internet-based system for storing and transmitting value in a new e-currency. There is an active marketplace to buy and sell Bitcoin for US dollars. It has a controlled rate of inflation. It automatically rewards people for running the servers that make the network work. Exchanges between any two parties are zero cost and anonymous, yes at the same time the transaction history of the bitcoin system is public.