BITCOINS

Bitcoin: The Simplest Non-technical Explanation

Bitcoin is diametrically opposed to all existing electronic currencies, a radically new concept that is quite difficult to explain, to a point that many articles on Bitcoin mistakenly compare it to Beenz, e-gold, Flooz, PayPal, Pecunix, etc, This is always a sign that the authors do not comprehend the main pillar of Bitcoin's design.

Bitcoin is the world's first invention of a decentralized electronic currency, with no central authority or trusted parties whatsoever, as its inventor originally describes. Not even the Bitcoin developers themselves have special control of Bitcoin. Compare this to other e-currencies that are operated by central authorities that are single points of failure: they have a history of regulating transactions (Paypal blocking donations to Wikileak, etc), or simply failing and shutting down (Beenz, etc).