What's the Big Deal About Bitcoins? | Public Relations & Social Media Insight | Scoop.it

While buyers speculate on bitcoins, the viability of the virtual currency is in doubt.

The frenzy over bitcoins has reached a fever pitch, along with their price, which hit a December high of $1,240 and a low of $522 in wild trading gyrations on one popular bitcoin exchange.

The rising interest in Bitcoin has translated into growing, if not widespread, use of the cryptocurrency. Bitcoin is a virtual currency that uses cryptography, or code, to complete financial transactions.

When the first bitcoin ATM opened in Vancouver, British Columbia, in late October, the story was covered globally, showing the rising interest in the digital currency. As reported in The Washington Post, 100,000 Canadian....