How Bitcoin and its technology works

The technical genius behind Bitcoin and the blockchain.

CGI image of bitcoin cryptocurrency
(Image credit: Getty Images)

In September 1992 computer scientist Tim May, whose inventions had once made him a great deal of money at Intel, invited a group of eminent, free-thinking programmers to his house near Silicon Valley in California. They were there to discuss this exciting new development called “the internet”.

They were excited about the possibilities, but they were also concerned. Privacy was their issue. On the internet, banks, credit card companies, merchants, and – most worryingly for May and his friends – the government, would all have access to vast quantities of payment information. How would they use it? They were scared of Big Brother. Their mistrust was born of experience. Their friend, the programmer Phil Zimmerman, was under criminal investigation for a simple piece of privacy software he had developed – PGP (pretty good privacy). US authorities claimed he had violated the Arms Export Control Act.

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Dominic Frisby

Dominic Frisby (“mercurially witty” – the Spectator) is as far as we know the world’s only financial writer and comedian. He is the author of the popular newsletter the Flying Frisby and is MoneyWeek’s main commentator on gold, commodities, currencies and cryptocurrencies. He has also taken several of his shows to the Edinburgh Festival Fringe.

His books are Daylight Robbery - How Tax Changed our Past and Will Shape our Future; Bitcoin: the Future of Money? and Life After the State - Why We Don't Need Government

Dominic was educated at St Paul's School, Manchester University and the Webber-Douglas Academy Of Dramatic Art. You can follow him on X @dominicfrisby