Editors Blog

It may virtually be a sophisticated hawala transaction. But bitcoins are in the news mainly on account of the Cypriot crisis, which helped this open source P2P digital currency to cross the $1 billion mark in value. Its exchange value has become so volatile that in a matter of minutes on 8 April it touched $190 but tanked to $170. But there is no disputing the fact that the system is becoming all pervading with specific amount of bitcoins entering the system every week. So what is bitcoin? There is the official website, bitcoin.org, which describes it as ‘a digital currency, a protocol, and a software that enables instant peer to peer transactions, worldwide payments, low or zero processing fees and much more!’

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