The term “Bitcoin” has been in the news lately; and its value is rising with volatility. Bitcoin is the digital currency that thrills nerds, inspires libertarians and incites the passions of economists who debate the value of money made from nothing but ones and zeros. Devotees watch the fluctuations of bitcoin’s price with a fanaticism typically reserved for college football scores while visionaries gush about the world changing possibilities of money free from government control.
Bitcoin was first mentioned in 2008 in a paper published under the pseudonym “Satoshi Nakamoto “. Bitcoin is a cryptocurrency, so called because it uses public key cryptography to process and verify payments.