Bitcoin – Virtual Money

Bitcoin?  Virtual Money?  Is that fake money used in video games?  Actually, no.  It’s real money. 

Bitcoin is not hard currency.  It isn’t issued, regulated or tracked by any government agency.  It is bought using real currency at the current exchange rates per currency. 

The idea of Bitcoin was created by Satoshi Nakamoto in 2009 as a way to have online, untraceable, peer-to-peer currency.  It has gained some popularity and is used to buy and sell goods and services worldwide.  Especially due to the uncertainty of the global economy.  As of today, the value of one Bitcoin is worth 11.03 USD or 7.60 EUR. 

So let’s say you spend $44.12 to get 4 Bitcoins, and you want to go buy dinner with that…  you would just have to find a restaurant willing to accept Bitcoin for payment.  Once at the restaurant, you would login and transfer your Bitcoin(s) to that establishment for payment.

Is this going to be a new global currency?  Seriously doubtful.  The Bitcoin has defintely faced major problems, especially as of late.  The exchange rate is volatile, the Bitcoin “bank” has been robbed and the main site has been hacked as well. 

It seems as though the Bitcoin has already seen its day.

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