A primer on Bitcoin [Article]

You may have noticed that Bitcoin is in the news a little more these days – the state of affairs in Cyprus has thrust it into the limelight, with it becoming a more valued currency than either the Euro or the US Dollar. The value of a Bitcoin has gone from $5 (Jan 2012) to currently around $140. If you’d like to understand what Bitcoin is really about, read this primer (pdf file)

The Bitcoin system is unique because it is the first digital store of value which can be safely and securely saved and transacted by individuals, without having to rely on a trusted third party. Once acquired and properly secured, Bitcoins can’t be taken from their owner, by a thief, a bank, or a government. Neither can any entity freeze any account, nor prevent the owner from performing (essentially free) transactions on the Bitcoin network.

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