According to their website, Bitcoin is “an experimental new digital currency” that uses “peer-to-peer technology to operate with no central authority.” It is through open source software that Bitcoin can operate. This alternative currency was created by an anonymous person calling themself Satoshi Nakamoto.
As with most incremental changes in our society, the move to cashless transactions has been mostly voluntary. Nearly every business offers the use of debit and credit cards in lieu of cash to pay for products and services. As the digital takeover becomes common place, Americans are unwittingly acquiescing to the furtherance of the cashless society. With this move come dangers that are not discussed in the mainstream. Cashless transactions are glorified, without the dark side brought into the social meme.
The illusion is that this digital currency can allow any “two willing parties to transact directly with each other without the need for a trusted third party”; however while based on the collective control of computers, a “chain of digital signatures” and a “trusted central authority” to keep the monetary system from relying on printed fiat.