I got lost on the internet tonight and I discovered bitcoin! I understand the concept and how wonderful it is from an economic and no middleman/free market stand point. I can see the huge potential in ROI if this ever took off. What I am not so good with is the computer side of it. Has there been other cryptocurrencys? Why have they failed? Is the current financial/political system to big to ever let this seriously take off? or is it inevitable as people become more educated about computers? I have so many questions but I absolutely love the concept and it is incredibly inspiring knowing that there is options in the future for monetary options and a truly free market system is amazing.
I just get sad when I try and tell someone a concept like this and they look at me like I'm crazy.
So this will be my getaway.
I'll take a stab at answering the first one:Has there been other cryptocurrencys? Why have they failed?
Yes, there have been several. DigiCash failed in 1998: http://en.wikipedia.org/wiki/DigiCash
Here's a good description of what happened: http://www.jya.com/digicrash.htm
and others which I don't know much about: http://www.clearbit.com/technology_cashdiscs.htm
There have been and still are other digital currencies, Liberty Reserve, and Pecunix, for example, but those are centralized currencies with other differences.I have so many questions
There are some fantastic articles and other materials that help to explain Bitcoin:
(Canadian radio program SPARK)
(Omega Tau Podcast)
(Security Now Video)
And feel free to participate in the Bitcoin community: