“With BitCoin, there are no middlemen (other than the users that comprise the network itself). Money goes straight from you to whomever, through the BitCoin P2P system, with no intermediary agency passing along the chips.”
The concept is a bit more complicated than it might first appear, and there is not an immediate threat of such a currency overtaking those we utilize in the conventional world of payments.
However, unlike FB Credits, Bitcoins are not only transferable but also exchangeable in online markets for actual currency. Growing use and growing acceptance of Bitcoins are the keys to the growth of the system, and the network has made progress on both fronts in recent months. It is a strange concept, but one well worth watching.
Click here to read more. Click here to read arelated article from the Washington Post.