Bitcoin is a new digital currency created in 2009 by the mysterious hacker, Satoshi Nakamoto (real name unknown). Through complex digital wizardry he created a currency that is near impossible to counterfeit. But it’s main claim to fame is that it is independent of any countries’ currency meaning that it is designed to be immune to any manipulation of the quantity of bitcoins in circulation thus it is supposedly inflation proof. This is extremely interesting especially for those who are fascinated and paranoid about inflation.
This inability to control the money has raised the ire of government officials over potentials for its use in off the grid black markets. It was famously the currency used for Silk Road market aka “the Amazon.com of illegal drugs.”
While not totally immune to online attacks, the central Japanese location to buy Bitcoins was recently hacked, the currency is seen by a lot of people as the future of online commerce.
However in order for Bitcoins to truly be a legitimate international currency, there’s a lot of work that must be done to improve and protect the technology. In short, it’s been a very bad week for Bitcoins; one can only hope this is the last bad news we hear.