One of the interesting things about bitcoin is the contrast between how it is portrayed in the press and how it is understood by technologists. The press tends to portray bitcoin as either a speculative bubble or a scheme for supporting criminal activity. In Silicon Valley, by contrast, bitcoin is generally viewed as a profound technological breakthrough.
The Internet is based on a set of core protocols that specify how information such as text, photos, and code should be transmitted. The designers of the Web built placeholders for a system that moved money, but never successfully completed it. Bitcoin is the first plausible proposal for an economic protocol for the Internet. MORE