The Rise of the Bitcoin

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CoinBlesk, a new app created by University students in Zurich will allow users to pay for goods and services using bitcoins.

Bitcoins, which started out as a way to buy and sell illegal goods online are slowly becoming more mainstream and this new app is making the more accessible than ever.

CoinBlesk runs as a bitcoin payment server and will soon be linked to an ATM which is being launched by the Swiss Financial Market Supervisory Authority.

Currently in Europe, the Bitcoin is definitely more widely welcomed than in the US or China where rules surrounding the internet currency are much more strict.

Students at MIT however have also been working to create a bitcoin app which shows just how the newer generations are really embracing this new type of currency.

Created in 2009, Bitcoins are currently not backed by a government or a central bank. Their value however rests at about $500 per bitcoin however, at it’s highest it was worth more than $1,100.

Despite reluctancy in the US to make Bitcoins mainstream, it seems that they are still in high demand. In fact, Bitcoins are becoming so popular that many real estate deals within the US are now also transacted using Bitcoins. Just recently, a Lake Tahoe property sold for $1.6 million in bitcoins.

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