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Bitcoin

digital cash system and associated currency

Bitcoin is a peer-to-peer payment system and digital currency introduced as open source software in 2009 by pseudonymous developer Satoshi Nakamoto. It is a cryptocurrency, so-called because it uses cryptography to control the creation and transfer of money.

ASICMINER USB Block Erupter - Bitcoin mining device with an ASIC (application-specific integrated circuit; the chip on the bottom-left of the picture).

Quotes

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  • Bitcoin is meant to be this wonderful freeing thing. It’s a load of old nonsense; think of the power it takes to drive, to replicate, all those transactions globally. I just think it’s crazy, on energy usage alone.
  • Bitcoin may be the TCP/IP of money. This is a statement that highlights the transformative potential of Bitcoin Price in the financial world. Just as TCP/IP laid the foundation for the internet's widespread adoption, Bitcoin's underlying blockchain technology has the potential to revolutionize the global financial system. With its decentralized, secure, and transparent nature, Bitcoin has opened doors to a new era of digital finance, challenging traditional banking systems and offering greater financial inclusion for individuals worldwide. As more industries recognize its value, Bitcoin's impact on the world of money is akin to what TCP/IP achieved for the world of communication and information exchange.
  • I knew there would be a question on Bitcoin or cryptos ... I've watched these politicians dodge questions all the time ... and I've always found it kind of disgusting ... But, the truth is — I'm going to dodge that question — because we've probably got hundreds of thousands people watching this that own Bitcoin — and we've probably got two people that are short. So we've got a choice of making four hundred thousand people mad at us and unhappy ... or making two people happy. And, that's just a dumb equation. ... We have a governor one time in Nebraska .. long time ago .. he would get a tough question about property taxes .. or what should we do about schools ... and he'd look right at the person and say, "I'm all right on that one!" And he'd just walk off. Well, I'm all right on that one and we'll see how Charlie is.
  • it doesn't produce anything, [If] you offer me 1% of all the apartment houses in the country and you want [...] $25 billion, I'll write you a check, it's very simple. Now if you told me you own all of the bitcoin in the world and you offered it to me for $25 I wouldn't take it because what would I do with it? I'd have to sell it back to you one way or another. It isn't going to do anything. The apartments are going to produce rent and the farms are going to produce food.
  • Bitcoin is getting there.  But it’s not there yet.  When it gets there, expect governments to panic and society to be reshaped into something where governments cannot rely on taxing income nor wealth for running their operations.
  • Bitcoin represents a significant threat to the currency domination of the USA, which is the only thing propping up the nation’s status as a worldwide superpower.
    • Rick Falkvinge, founder of the first Pirate Party, on his blog.
  • I think it's [Bitcoin] a technical tour de force, but that's an area where governments are gonna maintain a dominant role.
  • It will be everywhere and the world will have to readjust.  World governments will have to readjust.
  • I understand the political ramifications of [bitcoin] and I think that government should stay out of them and they should be perfectly legal.
  • Having alternative currencies is great, right, because, historically, government's had a monopoly on currency.  …  At the end of the day, why should only politicians—either directly or indirectly—control the currency?  We can reduce transaction cost, provide an alternative, and—look, I don't know whether it'll be Bitcoin or not—but I think the concept of digital currencies is here to stay, and the fact that a politician would write to try to ban them in their infancy is just the wrong way to go about it.  Let the market determine whether there's any value there or not.  …  If people are saying, "Look, we gotta ban Bitcoin because it's somewhat anonymous and anonymous transactions can occur," or "because it's possible for criminals to use it," all of those arguments can be used to say, "Just ban dollars."  …  The government doesn't need to "treat" it [Bitcoin] at all.  …  The government policy should be completely agnostic about what unit of exchange is used.
  • I think there is a 20% chance that Bitcoin will become a huge, worldwide success.

See also

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Wikipedia
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