Why Are We Hearing So Much About Bitcoin Recently?

April 07, 2013

Why Are We Hearing So Much About Bitcoin Recently?

The Internet currency, Bitcoin, has seen an uptick recently as more people look to the virtual currency as a way to get rich or avoid the problems of fiat currency.

Bitcoin was created in 2009 by "Satoshi Nakamoto" — almost certainly a false name — in order to be anonymous currency, easy to use, self-regulating, and free from any central authority.

People are starting to realize they can now put their money in the cloud and access it anywhere, from any computer. As a result, the value of bitcoins is rsing.

Two months ago, one bitcoin hovered in the $10 to $15 range, and a $30 peak was considered ludicrously high. What about now?

The surging valuation suggests that people are starting to see ways to use it to create and protect value.

Bitpay, a company that facilitates bitcoin transactions, logged over $5 million worth of transactions in March alone, as people traded bitcoins for tangible items, mostly high-end electronics and precious metals.

Expect to hear a lot more about this in the media.