ASICMINER USB Block Erupter - Bitcoin mining device with an ASIC (application-specific integrated circuit; the chip on the bottom-left of the picture).

Bitcoin is a peer-to-peer payment system and digital currency introduced as open source software in 2009 by pseudonymous developer Satoshi Nakamoto. It is a cryptocurrency, so-called because it uses cryptography to control the creation and transfer of money.

Quotes

  • I think there is a 20% chance that Bitcoin will become a huge, worldwide success.
  • It will be everywhere and the world will have to readjust.  World governments will have to readjust.
  • I understand the political ramifications of [bitcoin] and I think that government should stay out of them and they should be perfectly legal.
  • I think it's [Bitcoin] a technical tour de force, but that's an area where governments are gonna maintain a dominant role.
  • Bitcoin is getting there.  But it’s not there yet.  When it gets there, expect governments to panic and society to be reshaped into something where governments cannot rely on taxing income nor wealth for running their operations.
  • Bitcoin represents a significant threat to the currency domination of the USA, which is the only thing propping up the nation’s status as a worldwide superpower.
    • Rick Falkvinge, founder of the first Pirate Party, on his blog.
  • Having alternative currencies is great, right, because, historically, government's had a monopoly on currency.  …  At the end of the day, why should only politicians—either directly or indirectly—control the currency?  We can reduce transaction cost, provide an alternative, and—look, I don't know whether it'll be Bitcoin or not—but I think the concept of digital currencies is here to stay, and the fact that a politician would write to try to ban them in their infancy is just the wrong way to go about it.  Let the market determine whether there's any value there or not.  …  If people are saying, "Look, we gotta ban Bitcoin because it's somewhat anonymous and anonymous transactions can occur," or "because it's possible for criminals to use it," all of those arguments can be used to say, "Just ban dollars."  …  The government doesn't need to "treat" it [Bitcoin] at all.  …  The government policy should be completely agnostic about what unit of exchange is used.
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