How Bitcoin could destroy the state (and perhaps make me a bit of money)

Last time I was here (two weeks ago; how’ve you been?) I briefly mentioned Bitcoin, an emerging internet currency I didn’t understand at all but via which I had nonetheless made a bit of money (£57). Since then, I’ve been reading up and the whole thing has gone supernova, largely thanks to the extent that the EU is dicking around with real money in Cyprus. God, but I’m just bang on trend, aren’t I? Good old me.

So. The first thing you need to know about Bitcoin is that it’s a peer-to-peer, digitised crypto-currency. No, please, don’t stop reading. Just hold that one in your mind while we talk about the second and third things you need to know about Bitcoin, which are far more exciting. For example, you can buy drugs with it! I mean, sure, you can buy plenty of other stuff, too, but I’m really not sure anybody actually does.