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What are bitcoins ?



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  1. Nice article. Have few concerns regarding disadvantages mentioned-:
    1)Though bitcoins are shared publicly online and anyone can watch the transactions happening, it doesn't cause any invasion in privacy since it's not individual's private info being shared publicly, it is their public addresses that are broadcast and no one can relate to anyone's identity from their public addresses unless users are willing to do so.
    2)Though bitcoin transactions are difficult, all this stuff happens at lower level. At higher level user doesn't have to bother about this since this view of transaction is blocked from user. All he has to do is to use his public address to receive bitcoins and use his private key to spend bitcoins. It is just like one doesn't have to understand SMTP protocol to send the email, similarly one doesn't have to learn the transaction script to prepare and send the transaction.
    3)Bitcoins provide a utility of currency. Any utility can be used by both good and bad people. Criminals use bitcoins but so do they use cars, mobiles, shoes and guns. That doesn't make these things spooky and same is true for bitcoins.

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