Peer to Peer electronic cash system, P2P virtual currency, decentralised digital currency, Bitcoin p2p Crypto-currency.
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Bitcoin is a decentralised digital/virtual Crypto-currency, a protocol and a software that enables: Instant peer to peer transactions. Worldwide payments. Low processing fees. Bitcoin uses peer-to-peer aka p2p technology thus operates without a central authority (Bank typically) managing transactions and issuing of bitoins is carried out collectively by the network. Through many of it's unique properties, Bitcoin enables exciting uses not performed by any other form of payment systems. The software is a free open-sourced project released under the MIT License. With the Bitcoin network there are no accounts, e-mail addresses, user-names or passwords required to hold or spend bitcoins. Each balance is simply accosted with an address and it's public-private key pair. The money belongs to anyone who has the private key and can sign transactions with it, the keys don't have to be registered anywhere in advance, as they are only used when required for a transaction. Transacting parties do not need to know each other's identity. A Bitcoin address mathematically corresponds to a public key and looks something like this: 1BC3vu7gK00LBGFcftY26kbX1vr0Gf2 Each person can have as many such addresses, each with it's own balance, whitch makes it very difficult to know which person owns what amount. In order to protect their privacy, One can generate a new public-private key-pair for each individual receiving transaction and the Bitcoin software encourages this behaviour by default. The sender and the receiver of bitcoins remain invisible to one and other. Note: Capitalization Bitcoin v bitcoin As Bitcoin is both a currency and a protocol, capitalization can be confusing, accepted practice is to use Bitcoin (uppercase B) to label protocol, software and community, and bitcoins (lower case b) to label units of the currency..
This Open source virtual Currency (bit coin) has the potential to become the Gold Standard of Digital, aka Virtual Currency. The peer to peer notion in this instance means there isn't a Central Authority to issue money. There are no middle-men involved in the transactions..
