Bitcoin is an interesting idea and one we think those with a libertarian bend would embrace. Bitcoin is a type of digital currency much like modern day currencies that reside on a banks computer somewhere. A key difference is that a Bitcoin can reside on your computer, mobile phone, memory stick, portable hard drive, etc. It does not have to be held at a financial institution. Another is that one does not need a financial institution to complete a transaction with other individuals or businesses. If you want to buy a product or simply send currency to a relative, you can do so at almost no cost from a digital wallet that resides on your own digital device. In this way, it makes an electronic payment or transfers similar to a cash transaction, but without the paper and you do not have to be physically present.
