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It's not a real TLD.

It's a real TLD, see [1] and [2]. It's just not controlled by a central registrar like a traditional TLD.

[1]: https://tools.ietf.org/html/rfc7686

[2]: http://www.ietf.org/mail-archive/web/ietf-announce/current/m...

.bit is not an ICAAN or IETF recognized TLD, which is what djsumdog was speaking about

The original comment said .biz when they may have ment .bit

To my understanding, there is no way to handle conflicts. If another person gets your private key, then they can collide their domain name with your domain name (and, speculatively, probably split traffic?)

.bit not .biz