The most amazing revolutionary payment system in the world

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Remember the name bitcoin, because this system can potentially become the Napster of the banking system. By decentralizing the entire system of payment, and making it PURE p2p, bitcoin has done something that is impossible to regulate...YES IMPOSSIBLE!

This is not going to be the next E-Gold, ePassporte or any other payment system out there that took the hit from Visa and Mastercard, the great USA and whatever crappy due diligence rule/anti enforcer there is in the financial industry.

The system is more safe than any other system ever seen before because its simply moving VIRTUAL money from one person to another without any account. Sounds impossible? Read on!

Because it is so well written here is a direct quote from the bitcoin forums:

What BitCoin is: An agreement amongst a community of people to use 21 million secure mathematical tokens--"bitcoins"--as money, like traditional African and Asian societies used the money cowry. Unlike the money cowry:

• there will never be more bitcoins
• they are impossible to counterfeit
• they can be divided into as small of pieces as you want
• and they can be transferred instantly across great distances via a digital connection such as the internet.

This is accomplished by the use of powerful cryptography many times stronger than that used by banks. Instead of simply being "sent" coins have to be cryptographically signed over from one entity to another, essentially putting a lock and key on each token so that bitcoins can be securely backed up in multiple places, and so that copying doesn't increase the amount you own.

Because bitcoins are given their value by the community, they don't need to be accepted by anyone else or backed by any authority to succeed. They are like a local currency except much, much more effective and local to the whole world. As an example of how effective the community is at "backing" the bitcoin: on April 4th 2011 30,000 bitcoins were abruptly sold on the largest BitCoin exchange, consuming nearly all "buy" offers on the order book and dropping the price by nearly 1/3. But within a couple of days, the price on the exchange had fully rebounded and bitcoins were again trading at good volumes, with large "buy" offers slowly replacing the ones consumed by the trades. The ability of such a small economy (there were only 5 million out of the total 21 million bitcoins circulating then, or about 3.75 million USD worth at then-current exchange rates) to absorb such a large sell-off without crashing shows that bitcoins were already working beautifully.

BitCoin takes some time getting used to, its a bit extensive and requires a certain degree of computer know-how as well as patience to get into how the chain of event work out. Although that is nothing compared to getting a new bank account which can take weeks and would most likely require a small deposit of blood in order to satisfy "the powers that be of due diligence"

Read more here
And here

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As such, creating a system purely based on p2p transfers, decentralized completely has certainly got some attention. Apparently the administrator of the bitcoin was invited by the CIA to speak regarding this feature. Full disclose is available from the guy though. Read more about it here

Also for more relevant topics on BitCoin in regards to how to securely store your BitCoins look here (requires some technical know-how in order to understand this).