Bitcoins are a digital currency obtained when computers compete
to solve mathematical problems and the winning 'miner' is
rewarded with a block of new Bitcoins. The virtual currency's
decentralized network has been programmed to release 21 million
Bitcoins at a progressively slower rate with the size of each batch
dropping by half approximately every four years. Therefore, in
spite of the fact that more than half have already been mined, the
size of each batch of Bitcoins won't reach zero until 2140.
The virtual currency is not supported by any government or
central bank and has been described as an "individualistic monetary system." As
there is no regulatory oversight over Bitcoins at the moment, they
can be traded anonymously – only a computer code identifies a
user in a Bitcoin transaction and this code changes. However, this
feature of Bitcoins may be short lived as bank regulators in New
York anticipate implementing rules to address business transactions
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