Contributed by Charles Ogles

The Bitcoin is one of the most widely known forms of virtual currency. It was designed to keep the market from being inflated by slowly releasing coins into the system. Some companies have begun accepting Bitcoins, even though the currency’s actual worth varies based on opinion. The network is used by consumers to farm and maintain currency by breaking down algorithms. Some users have even custom built machines solely for the purpose of mining bitcoins. Unfortunately, some people will try to mislead others and steal currency from their virtual wallets. Hackers will at times hold companies hostage with Denial of Server attacks. Company networks are then returned after they have been leveraged in order to procure Bitcoins as payment. The currency is gone forever once it is lost. This makes it hard to recovery lost or stolen currency, or trace what it is being used for and who is spending it. The FEDs have locked down sites and confiscated millions of dollars’ worth of virtual currency used for illegal transactions over the internet.

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