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In late 1999 I had my Bitcoin moment. I was a 22 year old first year analyst working on the international trading floor at a major investment bank. The internet boom was peaking and I had just gotten my year end stub bonus of 20,000. Although the 20,000 magically turned into 12,000 after paying New York City taxes, for the first time in … Bitcoin () is a cryptocurrency and worldwide payment system. : 3 It is the first decentralized digital currency, as the system works without a central bank or single administrator. : 1 The network is peer-to-peer and transactions take place between users directly, without an intermediary. : 4 These transactions are verified by network nodes … But that means bitcoin also has to get by on do-it-yourself projects by a decentralized network of enthusiasts. The digital process by which new bitcoins are created and added to the currency supply - called quot;miningquot; - involves a ton of computational power, and thus a ton of energy. 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