The question your probably asking first of all is What is Bitcoin?
Great question! The answer is… the fastest growing currency in the world!
Bitcoin is a virtual currency that governments and banks have no control over. It was created by a developer called Satoshi Nakamoto in 2009 and is one of the most innovative and complex currencies that has now got financial experts discussing how this may be involved in the world financial future.
If you think this is some sort of late April fools joke then think again, people are actually using this currency everyday for buying food and everyday items and a man in Canada has just earned the title of being the first person to put his house up for sale in Bitcoins.
It’s value has tripled in just a couple of months. In February the Bitcoin was valued at £22 per bitcoin, that number is now around the £60 mark.
As you can imagine, with the latest Euro bailouts and the Cypriot banking crisis a currency that cannot be touched by governments at their whim is a much welcomed idea.
I guess you are probably asking now, is this actually real money?
Anything can be considered money if it used to exchange for goods or services so yes it is. The problem comes for people when there is no physical item to hold like a note or a coin however if you think about much of your daily transactions this is pretty much how we currently pay for items. Using debit or credit cards or services like PayPal etc. you are not actually physically exchanging any hard cash.
In the same way as a PayPal account works, so does Bitcoin and the more its demand rises so does its status as being thought of as a real form of money.
Let us know your thoughts below if you have ever used Bitcoin or are thinking of doing so in the near future.