Bitcoin is a virtual currency system that has been around for several years now. The Bitcoin currency has been doing very well this year and recently reached a record for valuation. Exchange rate for Bitcoin to US dollars was over $92 recently.
The company also had almost 11,000,000 Bitcoins in circulation at the same time giving the virtual currency a total value of just over $1 billion. Bitcoin is a global digital currency that runs on a peer-to-peer network and has no backing from any nation or central authority. Reports indicate that a lot of the new interest in the virtual currency comes from places such as Cyprus.
Many consumers in some nations, such as Cyprus, fear economic reform will mean they lose their savings. The only big downside for consumers when it comes to Bitcoin is that you have to have a retailer that will accept the currency.