Bitcoins (BTC) are a digital currency that can be bought and sold for cash.
Watch this Video which explains how Bitcoins work
Here is a link to a UK Bitcoin Exchange
According to Bitcoin the current market price is $109.74 and currently 50,000 transactions are done per day using bitcoins.
These rules are enforced collectively by the Bitcoin network.
- Hard limit of about 21 million bitcoins.
- Bitcoins are divisible to 8 decimal places, yielding a total of approximately 21×1014 currency units.
- Transactions are cheap and mostly free.
Before you dismiss it as another crazy idea, both the BBC and Institute of Directors have commented on Bitcoins, in this months (June 2013) Director Magazine, page 17, 60 Second Expert, the IoD gave an excellent summary of key points including this comment on system safety:
US security expert Dan Kaminsky referred to the system as an ‘alien technology’…
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