Bitcoin is a virtual currency, designed to allow people to buy and sell without centralized control by banks or governments, and it allows for pseudonymous transactions which aren't tied to a real identity. In keeping with the hacker ethos, Bitcoin has no need to trust any central authority; every aspect of the currency is confirmed and secured through the use of strong cryptography.
via arstechnica.com
Talk about cutting out the middle man. Bitcoin (a name that combines the famous bittorrent peer-to-peer protocol with that smallest of monetary forms) aims to take currency p2p by cutting out any centralized control.
That's revolutionary. What would happen if something like this caught on?
