The Asian Banker

Virtual currencies pose attractive alternative to physical money
Bitcoin experienced a spectacular surge in value following Cyprus’ botched bailout attempt. Is the virtual currency a mere bubble waiting to explode, or the future of cash?

Apr 10, 2013 | Magessan Raj

Bitcoin, an alternative, virtual currency that does not exist in physical form, recently made headlines around the globe after it skyrocketed in value – from being worth $10.83 (per Bitcoin) in November 2012, to a record high of $147 in early April 2013! What exactly is Bitcoin and where did it come from? Indeed, the very idea of Bitcoin is tough to grasp. Created by pseudonymous hacker “Satoshi Nakamoto” in January 2009, the virtual currency is not unlike other digital currencies such as e-gold, Litecoin, Ripple and Linden Dollars in the computer game Second Life. The Bitcoin currency…

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Categories: Innovation, Payments, Technology & Operations, Transaction Banking
Keywords: Bitcoin, FinCEN, US Treasury, Zip Zap, Alan Safahi, Art Cashin, Amazon, Coins
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