Kevin Lancaster
MyBroadband Editor
- Joined
- Apr 4, 2014
- Messages
- 13,564
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Using Bitcoin to prevent identity theft
A reaction to the 2008 financial crisis, Bitcoin is a digital-currency scheme designed to wrest control of the monetary system from central banks. With Bitcoin, anyone can mint money, provided he or she can complete a complex computation quickly enough. Through a set of clever protocols, that computational hurdle prevents the system from being coopted by malicious hackers.
A reaction to the 2008 financial crisis, Bitcoin is a digital-currency scheme designed to wrest control of the monetary system from central banks. With Bitcoin, anyone can mint money, provided he or she can complete a complex computation quickly enough. Through a set of clever protocols, that computational hurdle prevents the system from being coopted by malicious hackers.