Bitcoin - a virtual currency which has recently evolved as the latest happening thing in the underground geek community for selling and purchasing goods, is spreading its wings all over the Web real fast.
The virtual currency is the brainchild of Satoshi Nakamoto. Sathoshi's true identity and nationality are not yet clear though.
Bitcoin allows people to buy and sell virtual as well as real goods without any sort of centralised control by an issuing authority, and that too using pseudonymous transactions method.
The transactions made via Bitcoin need no “green signals” from any bank or government, and thanks to the strong cryptography used by Nakamoto, it has been proved to be extremely reliable and secure.
What’s even more amazing is the fact that the value of a single Bitcoin, as of now, is around $15.
With the popularity that bitcoin has gained, governments have started taking notice – but more towards its crackdown. Recently it was claimed by Democrat Senators Charles Schumer and Joe Manchin that the online currency was used more often to buy drugs.
“It’s an online form of money laundering used to disguise the source of money, and to disguise who’s both selling and buying the drug,” Schumer said.