Abney and Associates News Blog Article: What the Hell's a Bitcoin? │WSJ

http://online.wsj.com/community/gro...748/topics/abney-associates-news-blog-article
Bitcoins are a decentralized virtual currency that rely on public-key cryptography. If you buy something with a Bitcoin you're simply transmitting a symbolic token stamped with a complex number that transfers ownership to someone else. Unlike traditional banking, which keeps customer information private, Bitcoin transactions are transparent so the "market" knows when a bitcoin is spent but not the owner's identity. Money supply is increased by users who "mine" bitcoins by dedicating computer processing power to the Bitcoin network. Bitcoins are not regulated by any government or bank, and the currency has seeped into criminal activities. As a result, legislators are threatening crackdowns, and some claim it is a vast scam.
Original Article:
http://www.fastcolabs.com/3007320/tracking/bitcoin-coming-browser-near-you?partner=rss
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T

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