Virtual Currency: Bitcoin

Bitcoin is being used to pay for everything from pin to smartphones on the Internet. The Bitcoin is being traded without  tracking, for reducing banking-transaction fees and making it an attractive for those seeking to buy and sell via the Web-stores.

The price of Bitcoin is $1,034 on the http://preev.com/ , and this virtual currency gaining wider acceptance.

bitcoin

Bitcoins, which exist as software and aren’t regulated by any country or banking authority,surged to a record $1,073 yesterday, up more than 80-fold from a year earlier. The currency has rallied on growing interest from investors in China and the U.S., while merchants are starting to accept Bitcoins for everything from Bears to tuition fees.

1 034 USD · Preev

History

Bitcoin was introduced in 2008 by a group of programmers going under the name of Satoshi Nakamoto, Bitcoins exist as software, which contain the rules governing their supply. New Bitcoins can only be created by solving complex problems embedded in the currency, keeping total growth limited. There are more than 12 million Bitcoins in circulation, according to Bitcoincharts, a website that tracks activity across various exchanges.

Bitcoin also gained further legitimacy and attention when a subsidiary of Baidu Inc. (BIDU), China’s top search engine, started accepting Bitcoins on Oct. 15. Chinese Bitcoin activity has exploded, with the number of yuan-based trades jumping 30-fold in the past two months and making BTC China the top online-exchange by volume.

 

Courtsy: Bloomberg.com

Advertisements