(privacylover.com) Bitcoin is a virtual peer to peer currency that can be sent to anyone with a Bitcoin wallet address, it has no central authority to issue new money or keep track of transactions, these tasks are managed collectively by the nodes of the network, Bitcoin utilizes cryptographic digital signatures during mining and they can not be tampered with.
Bitcoins can be sent to anyone without using a middleman and its transactions are designed to be irreversible, Bitcoin inflation system’s money supply is distributed evenly (by CPU power) throughout the network, not monopolized by banks.
Bitcoins are entering circulation gradually, at a steady pace over many years, to nodes supporting the network in proportion to the CPU time they contribute. The total eventual circulation will be 21 million Bitcoins, there will never be more coins than that, Bitcoins can be sent to anyone with a Bitcoin address.
Note that having a powerful CPU would not make you wealthier as more coin creation will drive the price of electricity needed for generating a coin up, hence making it more profitable to buy Bitcoins directly from the market. Read more…
Useful Bitcoin links:
BitCoin home page: http://www.bitcoin.org
Bitcoin Trade: http://www.bitcoin.org/trade
BitCoin Economy Watch: http://www.bitcoinwatch.com
Bitcoin Exchange: https://www.mtgox.com
Bitcoin escrow service: https://clearcoin.appspot.com
Bitcoin e-commerce platform: https://www.mybitcoin.com