Is the Bitcoin an Alternative to Fiat Currency?

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Recently there has been a lot of talk about a new virtual currency called the Bitcoin that is growing very rapidly, its gaining a lot of media attention and its value has increased dramatically.

The current financial turmoil in Europe and around the world has also made people invest in alternatives to fiat currency such as the Bitcoin. For most people it is strange that someone can take seriously a currency that is not backed by a Government or central institution, but that is the precise advantage of this coin.

Bitcoin developers spoke to the Guardian’s James Ball at their home in central London and these were some of their comments:

Bitcoin is a virtual currency just like dollars, pounds, euros but at the same time we have a type of currency that isn’t control by central institutions, its completely decentralized. I can send money to whoever I want, whenever I want, wherever I want in the world and no one can stop me.

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