The professor briefly spoke about Bitcoins in class one day, and it bothered me that I didn’t really know much about this incredibly innovative and brilliant idea. So I took it upon myself to do some research on the new virtual currency, and I found some really interesting information.

For those of you who don’t know what a Bitcoin is, it’s basically digital currency that can be used to make payments through the web without transaction fees, which makes using this type of currency much more appealing to consumers. Another interesting fact about this currency is that it isn’t backed by a central bank.  Apparently, Bitcoin companies have raised millions dollars since the Bitcoin system was first introduced in 2009. The popularity of Bitcoins have increased drastically since then, to the point that they are now trading in exchanges! With this being a form of intangible currency, it makes you think: was money ever real to begin with? And keep in mind…..this is VIRTUAL currency, which means that this is susceptible to internet hackers.

What do you all think if this new Bitcoin wave? How do you think it will effect other currencies, especially the dollar?