Video - The Bitcoin payment system explained
What is a Bitcoin miner? And what will be "cats" for Bitcoin?
Bitcoin is an innovative payment network and a new kind of money allegedly invented by Satoshi Nakamoto (maybe a pseudonym,) who firstly published the invention in 2008, and released it as open-source software in 2009.
But how does the Bitcoin system work? What is a Bitcoin miner? And a Bitcoin blockchain? And will Bitcoin last?
Professor Ross Anderson - of the University of Cambridge Computer Laboratory - explains it all in the video below.
However Professor Anderson's feeling is that the Bitcoin system hasn't really found its "killer application" yet.
Just like for the Internet that in the 1990's was all supposed to be about video content distribution while, as everybody knows now, its real application is disseminating photographs of cats.
So what will be "cats" for Bitcoin? Unfortunately nobody knows. Yet.