Bitcoin is an experimental new digital currency application that enables instant payments to anyone, anywhere in the world. Bitcoin uses peer-to-peer technology to operate with no central authority: managing transactions and issuing money are carried out collectively by the network. Bitcoin is also the name of the open source software which enables the use of this currency. Users can transfer Bitcoins between arbitrary nodes on the network. The program is designed around the idea of using cryptography to control the creation and transfer of money, rather than relying on central authorities.

Some of the major features in this updated version include the following; Double spending is prevented by using a block chain, transactions are irreversible, Bitcoins can be transferred between arbitary nodes on the network, Transactions are broadcasted within seconds and verified within 10 to 60 minutes, and Transactions are received while the computer is turned off.

Bitcoin is a bit advanced and technical in terms of usage; and that is why users may require some documents posted on the publishers’ site. However, it is an open source program that runs on the following operating systems; Windows 7, 2000, 2003, Vista, and XP.

Want to check it out? Visit Bitcoin.org.

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