Bitcoin hits an all time high at US$1000

The virtual currency goes into full bloom as prices soar

If you were one of the many that saw potential in what was a little known digital currency, and managed to build a nest egg with it, boy should you be jumping for joy now.

As of writing, the virtual currency superstar that is Bitcoin traded at US$1094 (S$1373) for a single Bitcoin at its highest, and US$914 (S$1147) at its lowest on the Mt. Gox exchange (one of the main exchanges the currency is bought and sold) so the average it’s hovering now is around US$1004 (S$1260). For a currency that has no centralised control over it, that's a lot of money.

For many who are wondering what exactly is Bitcoin, it’s a decentralized virtual currency that approximates cash on the internet. There are various other virtual currencies out there (or crypto currencies as they’d like to call it) but Bitcoin is the foremost of them.

Want to know more? Stay tuned as we rustle up an explanation of virtual currencies soon.

Source: The Verge

Image source: Bloomberg