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Bitcoin: New Wave Of Currency

February 19, 2014, 7:09 AM by Stephanie Gregory

Bitcoin: New Wave Of Currency
SIOUX FALLS, SD -

In recent months, Bitcoins have become more mainstream. Even now online retail sites like Overstock.com, dating sites like okcupid.com and Etsy vendors are accepting Bitcoins.

A Bitcoin is like cash but it's virtual money in the Internet world. The crypto-currency is digital property that can be transferred from one person to another without a middle man getting involved

"Bitcoin is a virtual currency. You don't touch it, you don't hold it and you don't see it. It lives in a series of ones and zeros," Click Rain's Paul Ten Haken said.

Ten Haken says Bitcoins are mined by using computer software to solve complex math problems. The digital money is becoming a way of life.

"More and more places are realizing it's a legit way of paying for things and starting to enact Bitcoin transaction acceptance at their point of sale," Ten Haken said.

Bitcoins have a key and password made up of a series of numbers and letters. The downside is that if you lose that information, you are out of luck.

"Some Bitcoin strings may be worth $50,000 and if that key and the password to that key get lost, someone lost $50,000. It's like losing a stack of $50,000 in dollar bills on the street. You can't report it, you can't get it back," Ten Haken said.

Ten Haken says he doesn't know if Bitcoin will last, but he sees crypto-currency somewhere in our future.

"I don't know if Bitcoin itself is the future, but I think digital and virtual currency defiantly has a place and we're going to be hearing more about virtual currency in years to come," Ten Haken said.

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