Internet Money Reaches a Value of 1 Billion Dollars
Paper and coin money are gradually giving way to online money. In recent years, the use of online money has further increased with e-commerce and online banking services. The first unit affected by this increase was the internet currency bitcoin. Bitcoin has multiplied its value to 1 billion dollars.
What is Bitcoin
Bitcoin is a currency unit used in the virtual realm, transferred over P2P. It does not require any bank. The rules of any bank or state do not apply. As the usage area of Bitcoin expands, its value also multiplies. Currently, there is 1 billion dollars worth of bitcoin in circulation.
The unit value of Bitcoin exceeds 90 dollars. Around 11 million bitcoins are in use in the market. Bitcoin production was limited to prevent exceeding inflation. One reason for the widespread use of internet money was the crisis in Cyprus. After banks imposed withdrawal quotas, the people of Cyprus discovered internet money.
