What are bitcoins?

There was a recent spotlight on Bitcoins as Edward Snowden allegedly used them as aids in his journey for asylum. Bitcoins are an electric currency that is untraceable and as their founder, Satoshi Nakamoto, says it is a “peer-to-peer, electronic cash system”. This electronic cash system is unique in that there is no middleman, such as a bank or lending institution. These uninhibited and unmonitored transactions are unique and have found their niche in the illicit trade market. Blackmarket websites such as silkroad love Bitcoins as it is unmonitored and untraceable.
Bitcoins are not without their flaws; in the event that someone hacks into your account the funds that were held in that account are unrecoverable. Additionally, chances are that your local supermarket will not be accepting them anytime soon, as they are very “under used”.

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