One bitcoin recently traded for $US257.5 ($A3500.029), according to Coinbase.com , a company that helps users exchange bitcoins. That makes it more valuable than an ounce of gold, which trades at less than $US1230. The value of bitcoins can swing sharply, though. A year ago, one was worth $US457.04, which means that it’s nearly quadrupled in the past 12 months.
WHY BITCOINS ARE POPULAR ?
Bitcoins are basically lines of computer code that are digitally signed each time they travel from one owner to the next. Transactions can be made anonymously, making the currency popular with libertarians as well as tech enthusiasts, speculators — and criminals.
The currency has become popular enough that more than 300,000 daily transactions have been occurring recently, according to bitcoin wallet site blockchain.info. A year ago, activity was closer to 230,000 transactions per day.
Businesses from Yellow Taxis in New York to a pub in Sydney have decided to accept payment in bitcoins.
Will it become mainstream?
So far, Bitcoin's volatility and a lack of understanding about it have kept it out of the mainstream. But this could be about to change.
This week, US regulators met to discuss the future of the currency and Federal Reserve Chair Ben Bernanke welcomed the potential.
"While these types of innovations may pose risks related to law enforcement and supervisory matters, there are also areas in which they may hold long-term promise," he said in an email to the Senate Homeland Security and Governmental Affairs Committee
It's also spawned a host of side industries, including a trading fund by the Winklevoss brothers of Facebook fame, ATM companies and payment system BitPay which provides payment services to over 10,000 companies,
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