Technology commentators are awash with stories of the impending doom of the fledgling Internet currency the Bitcoin.
The Bitcoin has been around since 2009 and works as a peer-to-peer currency. This means you trade directly with the other party to complete the transaction. No bank is involved.
Bitcoins work a little like a credit note. You can gain them by selling stuff to people (who pay in Bitcoins), and use them to purchase stuff and services. Think of Bitcoins as virtual money. There is no physical object which you can hold and say "This is a Bitcoin".
Being virtual there are no borders, and relatively little taxation. This makes the currency a favorite of the criminal fraternity who favor the anonymity and lack of traceable records.
Read more about it here >> http://rt.com/op-edge/bitcoin-combination-desperation-innovation-733/
This is a terrific idea, but I'm a bit late to the Bitcoin party. I've only just heard about it, for all the wrong reasons. It seems that the virtual money is plummeting in value.
http://news.cnet.com/8301-1023_3-57579241-93/bitcoin-drops-another-35-percent-as-exchange-reopens/
Dang.
It will be interesting to see if this virtual currency can bounce back from the huge losses it has recently encountered.
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