From bitcoin.org:
Bitcoin is a digital currency, a protocol, and a software that enables
  • Instant peer to peer transactions
  • Worldwide payments
  • Low or zero processing fees
  • And much more!

Bitcoin uses peer to peer technology to operate with no central authority; managing transactions and issuing Bitcoins are carried out collectively by the network. Through many of its unique properties, Bitcoin allows exciting uses that could not be covered by any previous payment systems.

The software is a community-driven free open source project, released under the MIT license.

Bitcoins are a currency backed by a network of computers. Computers are required to solve difficult problems to add transactions to the public ledger and collect market-determined fees.

I first learned about bitcoins in the middle of 2011 and since then they've been through two major crashes. I started buying them in November last year at 11 dollars and since then the price has risen to a high of 260 dollars before crashing and stabilizing at about half that price. It's now on a stable upward trend again. To date, my investment in bitcoins has risen in value tenfold.


What do you guys think of bitcoin? Do you think it will replace centralized fiat currency? Does it have a chance of being accepted by mainstream businesses? Do you think governments will try to control it, or do you think it will be impossible to outlaw?

Discuss.