What are bitcoins?
Bitcoins are a type of virtual currency brought to
life by the Internet and the willingness of lot of
people looking to embrace new forms of
Introduced as open source software software in
2009 by Satoshi Nakamoto
It is a cryptocurrency
What are bitcoins?
Completely decentralized form of money
Bitcoins can be used for all sorts of real
By skipping the middle man in the
transaction you pay far less in the associated
Commercial use of bitcoin, illicit or otherwise, is currently
small compared to its use by speculators, which has fueled
All necessary information is public and
Fewer risks for merchants
No transaction cost involved
The ultimate in portability
Degree of acceptance
Cyber security risks
Legal issues and status
12 Jan 2009: The first Bitcoin transaction occurs, as Nakamoto to
send some bitcoins to Finney
13 Jun 2010: A Bitcoin user claims that hackers stole 25,000
bitcoins from him, worth around $500,000 at the time. Those
bitcoins would be worth around $20 million today. The incident raises
awareness of the security risks associated with holding bitcoins.
7 Jan2013: Bit Pay, a startup that helps merchants accept
bitcoins, raises $510,000 It is one of the first Bitcoin startups to raise
significant investment capital. It will raise another $2 million in May.
29 Nov. 2013: Bitcoin's price hits an all-time high of $1,242.
12 Dec. 2013: The Bitcoin startup Coinbase raises $25 million the
largest sum to date.
17 Dec 2013: Europe's First Permanent Bitcoin ATM Installed in
18 Dec 2013: Digital cryptocurrency has lost almost 50% of its value
overnight after BTC China said it could no longer accept deposits in
the Chinese currency.
20 Dec 2013: Overstock.com will become the first major U.S. retailer
to accept Bitcoin
1 Jan 2014: RBI, recently issued a warning to the general public
against the use of virtual currencies (VCs) including Bitcoins
5 Jan 2014: Bitcoins use by tea trade brought to notice of Ministry
6 Jan 2014:
The value of Bitcoin has topped $1,000 (£610) again after social
gaming firm Zynga said it would start accepting the virtual currency
as a payment option
Chinese giant Alibaba bans Bitcoins
Taiwanese, Indian, German regulators issue warning against use of
Jan 8 2014: Yahoo Malware Turned European Computers Into Bitcoin