I stumbled upon this concept a few weeks back and was totally intrigued at the number of possibilities any concept can possibly have. It was a breakthrough concept and implemented in 2009. Privatizing the currency used by the people. Allowing the people be sole owners of the currency being circulated throughout the world. Allow the people to use this currency instead of a nation’s currency for all the financial transactions. This idea shifts the center of control from the Governments and transfers it to the People. Citizens become the sole owner and authority of the currency. The concept is of creating something different. It is an online currency but it is different than the online credit points which you get in Facebook. But it is also an attempt to create a real world currency which is totally decentralized and no government or bankers can rule it. It is like a Euro currency for the whole world with currency conversion in hands of the people.
The idea is called Bitcoins. It is a virtual peer-to-peer currency that can be sent and received directly over various exchanges and mediums. It provides the benefits that your money can’t be frozen, tracked or taxed, and transaction costs are very low. This idea was then implemented using the works of “Satoshi Nakamoto” - pseudo name used by the creator of the idea. He is based in Japan and has created a concept which brought power into the hands of the people using the currency and not in the hands of few (which is the current economic scenario). With his concept paper “Bitcoin: A Peer-to-Peer Electronic Cash System” he proposed the mechanism of working of the private currency – Bitcoin. The idea of Bitcoin is it that is a currency that can be traded peer to peer without any government interference. This idea being highly sensitive to all the governments
