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Bitcoins represent a brand-new form of currency created and held electronically, which can be noticed in its name. The concept appeared in 2007, and yet the first transaction involving bitcoins takes place in 2009. The cryptocurrency is produced by computers, and they are permitted to issue as much as 21 million of bitcoins. This number is likely to be achieved by 2140.   

Considerable advantages of the Bitcoin concept compared to banks are such as users’ privacy, no third parties involved and no hierarchy – since transactions are based on the peer to peer model of cooperation. One can pay for goods and services with bitcoins wherever they are accepted. There’ve been up to 3 million users of bitcoins all over the world by now.

Rate of bitcoin is usually correlated with the US dollar, and it tends to be quite unstable and floating. At the present time officials are still considering the role of bitcoins in the world economy. For example, in China they are banned, Finland regards them as ‘primary goods’, and in Germany they are equated to ‘private money’.