While the controversy around Bitcoin continues, there has been a significant new development that suggests the nascent electronic currency certainly has plans to stay.
The Bitcoin app is now available from the Android app store. What it does is enable your Android powered smart phone to act as a digital wallet for your Bitcoins. What is interesting about this is that it allows users to swap their Bitcoins directly with other users by displaying a QR code on the screen that can be scanned.
Although Bitcoins are currently very much a niche concern, they could have advantages. There are no fees associated with making a Bitcoin payment.
Bitcoins have recently been targeted by malware, with thefts of Bitcoins worth many thousand dollars being reported. In addition the currency has been extremely volatile, with the value of a Bitcoin falling from a high of $17 to under $1 in an instant.
This very volatility means that there is the potential to make money speculating, if you have the nerve to gamble on something which (be honest with yourself) you don’t really understand.
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