> At first, the purchase of bitcoin was apparently conducted through digital currency exchanges such as Coinbase and Bitstamp, with the sale occurring on Localb

> At first, the purchase of bitcoin was apparently conducted through digital currency exchanges such as Coinbase and Bitstamp, with the sale occurring on Localbitcoins. That's not really peer-to-peer, is it? It's just acting as a middleman between a peer and a trusted, central exchange. Peer-to-peer, in my opinion, would be Joe Sixpack selling bitcoins, that he earned by mowing someone's lawn, to someone else who wants to pay for a service sold for bitcoins.