Crypto-currencies like Bitcoin

Terry Says

Well, this deserves a longer answer than I can give here -- but everyone should start reading and thinking about these alternative currencies, of which Bitcoin is the most well known.  They are based on a new kind of technology -- the blockchain ledger -- which allows transactions to be processed without an intermediary, such as a bank.   Instead, this public "ledger" records all aspects of the transaction and cannot be changed.  Bitcoin is just one of the many new "currencies" which use this ledger (think engravings on a cloud based chip if you need a mental picture!).  Thus, it is a secure medium of exchange. But to get Bitcoin or another "crypto- currency", you have to exchange your own currency -- dollars, euros, yen, etc.  Recently, the price of Bitcoin has soared in dollar terms, and in terms of other currencies.  So it has attracted a lot of attention.  Obviously the price of these currencies is speculative, and carries with it a risk of loss when translated back into dollars.  But in the meantime, Bitcoin is being accepted for actual physical transactions around the world -- from buying goods and services to moving assets out of certain countries.