Trace Mayer

What is Bitcoin? With the advent of Bitcoin, the world's first digital currency, for the first time in history money is no longer controlled by banks or governments, but by the people who use it. But where did this currency come from? How does it work? And is it truly the way forward, or just a flash in the pan? Magic Money answers these questions and more as it explores the mysterious origins of Bitcoin, its role in society, and how it could shape the future.

In 2008, an anonymous idealist published a paper under the pseudonym Satoshi Nakamoto which described a digital currency or online payment system; the system was introduced as open-source software in 2009. Four years later, the value of all bitcoins was in the billions of dollars. Bitcoin uses peer-to-peer technology to operate with no central authority or banks; the management of transactions and the issuance of bitcoins is carried out collectively by the network. Because bitcoin is public by design, it is not owned or controlled by any government or bank.