Dr. Robeson, an emeritus professor from William and Mary' School of Business Administration, knows Bitcoin very well. Now, in retirement, he still continues his research on electronic commerce, regulation, and market studies. Even though a JCC Rotarian himself, he was willing to share some of his knowledge with his fellow club members at today's meeting.
A mystical character named "Satoshi Nakamoto" has been credited with the initial design of the digital currency, which is expected to minimize business transaction time and costs over the internet. An important element of the Bitcoin concept is to link all business sites through a peer-to-peer network called "Blockchain". The beauty of that network is that no central station is involved. All digital currency transactions are stored in this network in such a way as would be almost impossible to hack. Each transaction would be encrypted in a cypher generated from the encrypted data of the previous transaction---a hacker's nightmare to unwind.
Bitcoin is only produced by being "mined". No more could be made after the year 2140. Mr. Robeson did not comment on the apparent parameter arbitrariness of the scheme...or that there are some 240 different forms of Bitcoin out there today.
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