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article imageThe value of Bitcoin surpasses $1 billion

By Owen Weldon     Mar 31, 2013 in Business
Bitcoin, a virtual currency, has broken the $1 billion in value mark earlier this week, and is poised to challenge the US dollar and the Euro.
According to RT, Bitcoin may become a safe haven for anyone trying to save their money from the international banking system, because of it not having ties to any financial institution and it is independent from world governments.
On Thursday, Bitcoin surpassed $1 billion, and currently there is almost 11 million Bitcoins in circulation, according to SlashGear. The exchange rate for Bitcoin may have surpassed $92, but it was only earlier this month that the currency was worth $49. Bitcoin users and analysts are surprised at how Bitcoin continues to rapidly rise in value.
Bitcoins are being being used more as more services are accepting it as a payment currency. More than 200,000 Bitcoin transactions take occur on a daily basis.
Tony Gallippi, CEO of Bitcoin payment processor BitPay, said that more people are pulling their money out of banks because of what is happening in Europe and Cyprus, according to Newser.
Gallippi said due to the banking crisis, people can either buy gold and put it under their mattress, or they can choose to buy Bitcoin.
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