many people have tried to work out how to
have a payment system without that middleman but then there's another problem. how do you prove that you've paid for something or even that you have that money at all without someone vouching for you it's so serious it has a name the double spending problem then in 2008 a solution was offered by an anonymous programmer going by the name of Satoshi Nakamoto Nakamoto left a paper on a popular cryptography blog which proposed a system of currency that solve all of these fiddly problems his proposal was that instead of a bank or credit card company recording every transaction in one central ledger all of the users would record all of the transactions at the same time as a result any attempt to fool the community would be noticed and the payment rejected no one user government or bank can force a fee on a payment or control its flow the result is a cheaper quicker and easier way to spend money even across national borders so this is Bitcoin and it's already starting to have an impact on people's lives within months of the proposal it was
being used to buy and sell goods although
not always from the most scrupulous
of traders but it's not all shady
businesses some shopping sites take
it you can buy pints in London and even
pay for your university tuition as you
might have heard there are problems while
some are profiting from getting involved
early others are losing out from
this volatile in young market and people
are found in companies to buy up lots
of bitcoins but as it's designed to have
a limited amount ever in circulation
that might cause problems down
the road there's so much
uncertainty around Bitcoin some people genuinely
think this is the future others
are terrified it could destroy our
economy but many from both sides
agree that if we could get Bitcoin to work
or something like it if we can trust
a digital currency to work without the
middlemen then the way the world economy
functions could be transformed for
the better. 
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