M. Wiebogen Honorary President ACI The Financial Markets Association
M. Wiebogen Honorary President ACI The Financial Markets Association

Bitcoinomania: Hype or Pioneer?

Recent headlines have been full of articles and speculation concerning Bitcoin which caused me to look closer into the first virtual currency.

First Published: e-Forex Magazine 55 / Foreword / January, 2014

What is a Bitcoin? Launched in 2009 by unknown (pseudonym Satoshi Nakamoto) BITCOIN is a form of digital currency produced by people running computers all around the world. The idea behind it was to create an alternative currency, with low costs for transactions, independent of any authority and easy transferable electronically.  Bitcoin has become a popular way to pay for goods and services online and over 12 million are currently circulating on the web. With high volatility their price reacts immediately to any news about virtual currency, with headlines of ‘Bitcoin hits up 107% a week’, or the opposite common throughout the year. Bitcoin traded below US$ 20 in January, reached US$ 900 with ups and downs by the beginning of November and has exceeded during this period US$ 1,200. In November Bitcoin plunged more than 20% across some exchanges, after the People’s Bank of China banned Financial Institutions from carrying out transactions in this currency. The PBOC stated it...continued

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