Bitcoin is a virtual currency without physical form or
governmental authorization. It trades freely via electronic means.
Although rare, bitcoin may also be transferred in person, by a
laptop or tablet computer. Bitcoins come in whole or in fractional
form – i.e. 0.000001 of a bitcoin is a microbit. There are a
finite number of bitcoins. A limit of 21 million bitcoins can be
unlocked – more than half of which have already been
'mined.'
The number of initial bitcoin users in 2009 was small. By 2010,
daily worldwide bitcoin transactions were generally under a
thousand a day.1 In late 2010, the total worldwide
'market value' of all bitcoin first exceeded $1
million.2 In 2013, bitcoin is in the news on a daily
basis, especially in light of heightened uncertainty toward
traditional financial systems such as that resulting from the
restrictive actions taken by the government of Cyprus. Interest in
bitcoin also increased from fear that select governmental
authorities wish
