RICKARD Falkvinge, the Swedish IT entrepreneur and founder of the first Pirate Party, has announced he is piling all his money into bitcoins, a digital currency that is attracting a lot of online interest. Although the technology is groundbreaking and its security substantial, Falkvinge is nevertheless taking a huge leap of faith.
Satoshi Nakamoto, a Japanese computer programmer, set out his innovative idea for bitcoin in his 2009 paper: Bitcoin: A Peer-to-Peer Electronic Cash System. Unlike every previous currency it doesn’t rely upon a central authority. It is stored virtually in the form of a file and digitally transferred. Once the money supply has reached 21m bitcoins – growing as the network grows – no more will be issued, thus prohibiting devaluation. Bitcoins can’t be frozen, tracked or taxed . . .
Jun 2, 2011
From City AM: