Bitcoin Hits $1 Billion

Bitcoin is the world’s first open source currency that is currently trading at around 1 Bitcoin for $92 U.S. dollars.  There are currently around 11 million Bitcoins in circulation, which means that the total worth of the currently is at over $1 billion.  Bitcoin’s value shot up because of the banking instability in Cyprus.

Technically Bitcoin is not a company because it runs on peer-to-peer network that is not backed by a nation or central authority.  Bitcoin first arrived in 2009 and it has been growing ever since.  Bitcoin has been a preferred currency of choice for many people because the middleman is removed such as central banks, the Federal Reserve, and credit card companies.  Bitcoin also allows more anonymity.

When visiting the Bitcoin website, you can get your hands on the Bitcoin wallet.  This is what allows you to transact with the world by gaining ownership of Bitcoin addresses so that you can receive coins from other users and lets you send those coins onwards.  You can receive Bitcoins when you are offline and all wallets are compatible with each other.  The Bitcoin-Qt software works on Windows, Mac, and Linux.  Bitcoin Wallet is also compatible for Android phones and tablets.

In related news, we reported that a Canadian man wanted to sell his house for Bitcoins earlier this month.

This article was written by Amit Chowdhry. You can follow me at @amitchowdhry or on Google+ at
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