The Economist explains: How does Bitcoin work? | The Economist April 12, 2013Posted by sandyclaus in Shadow Economy.
BITCOIN, the world’s “first decentralised digital currency”, was launched in 2009 by a mysterious person or persons known only by the pseudonym Satoshi Nakamoto. It has been in the news this week as the value of an individual Bitcoin, which was just $20 at the beginning of February, hit record highs above $250, before falling abruptly to below $150 on April 11th. What exactly is Bitcoin, and how does it work?