02 Dec '13, 11pm
Still not sure what bitcoin is? Here's an explainer from 2011:
The value of bitcoins in real world dollars fluctuates wildly—often as much as 8 percent per day. As little as two months ago, the exchange rate was $1 USD per bitcoin. That was before the mainstream world learned about them, though—which sent their value through the roof. Speculators quickly saw potential in this new currency and began buying them through Mt. Gox and other sites. Given the currency's instability, that led to rapid inflation and the currency value peaked at nearly $28 on June 9. These days, you can expect to pay somewhere between $15 and $20 per bitcoin. How do bitcoins work? Because they're virtual, bitcoins aren't backed by any real world commodity, such as gold or a central bank. Instead, they rely on the economic laws of supply and demand, making them something of a roll of the dice for investment-minded speculators—the same people who bet on penny sto...