The project represented a breakthrough in using software code to authenticate and protect transactions without resorting to a centralized bank or government treasury. In that way, Bitcoin became a peer-to-peer system. That comes in pretty handy for people who do not want their transactions monitored. In conversations about the project with scholars who study it, the word that comes up as often as “bubble” is “genius.”

A thorough look at Bitcoin, the peer-to-peer currency you can’t track. 

Bubble or No, Virtual Bitcoins Show Real Worth