The virtual currency bitcoin took a big step toward the mainstream on Monday November 18th 2013 as federal authorities signaled their willingness to accept it as a legitimate payment alternative. A number of federal officials in the US told a Senate hearing that such financial networks offered real benefits for the financial system even as they acknowledged that new forms of digital money had provided avenues for money laundering and illegal activity.
By Monday evening actually, the value of a bitcoin unit soared past $700 on some exchanges. The total outstanding pool of bitcoin, which is created by a network of users who solve complex mathematical problems is now worth more than $7 billion.
But what is the Bitcoin really? It’s explained below:
They are bought here and sold for regular money. You can use it to pay in stores, but you can also even buy a house. Because there is no bank in between, the transactions are completely anonymous.
What are your thoughts? Another Bubble? (Photo credit by Bitcoin)