“What makes Bitcoin money? The same thing that makes all money money — trust, in this case backed up by a lot of code-breaking computers. Created in 2009, Bitcoin has grown into the world’s largest virtual currency, traded on exchanges around the world. It’s the product of open-source software and a decentralized network of electronic ‘miners,’ making it a multibillion-dollar experiment in monetary privatization and perhaps the first step toward an age when the digital economy outgrows the restraints of nation states and wallets full of paper.”

http://www.bloomberg.com/quicktake/bitcoins/

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