The internet has always amazed user, helping us improve our knowledge, buy products and even plan and schedule trips. As this new “branch” of the economy rises, it has to adapt to the different demands that arise with time, and on the internet, that means the requirement of a different currency that is easier to trade and that is widely accepted by people. Bitcoins, a virtual currency, has increased in value as the financial crisis in Cyprus and Europe shakes consumer confidence in traditional banks. Bitcoins are earned online, by completing difficult computing tasks or even by selling your own inventory. They then go to a virtual wallet and can exchanged between people directly, bypassing banks and other monetary institutions since it virtually costs nothing to transfer them to other users. Because they are stateless, they cannot be taxed, frozen or easily traced, and some experts think Bitcoin could be the first step in a virtual money evolution. Bitcoins, however, have been susceptible to hacker attacks, which can steal or manipulate the accounts with the virtual currency. Nevertheless, for now it seems that Europeans have had more faith in the virtual currency than the physical one in their pockets, which could indicate a shift to a new virtual economy.

http://www.bbc.co.uk/news/technology-21990136

The internet has always amazed user, helping us improve our knowledge, buy products and even plan and schedule trips. As this new “branch” of the economy rises, it has to adapt to the different demands that arise with time, and on the internet, that means the requirement of a different currency that is easier to trade and that is widely accepted by people. Bitcoins, a virtual currency, has increased in value as the financial crisis in Cyprus and Europe shakes consumer confidence in traditional banks. Bitcoins are earned online, by completing difficult computing tasks or even by selling your own inventory. They then go to a virtual wallet and can exchanged between people directly, bypassing banks and other monetary institutions since it virtually costs nothing to transfer them to other users. Because they are stateless, they cannot be taxed, frozen or easily traced, and some experts think Bitcoin could be the first step in a virtual money evolution. Bitcoins, however, have been susceptible to hacker attacks, which can steal or manipulate the accounts with the virtual currency. Nevertheless, for now it seems that Europeans have had more faith in the virtual currency than the physical one in their pockets, which could indicate a shift to a new virtual economy.