Thursday, October 4, 2012

Bitcoin Non-Technical FAQ

Oleg Andreev:

Bitcoin is a peer-to-peer digital currency. It does not depend on any particular organization or a person and is not backed by any commodity like gold or silver. Bitcoin is a name for both the currency and for the protocol of storage and exchange. Just like any other money (dollars, gold or sea shells), Bitcoin does not have much direct use value. It is valued subjectively according to one’s ability to exchange it for goods.

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