Other related sites

Page last updated at 07:48 GMT, Friday, 5 August 2011 08:48 UK

Bitcoin: Can a virtual currency do away with banks?


Bitcoin is an electronic currency that can be traded directly on the internet, members don't even need to have a bank account.

Its value is fluctuating significantly, but creators claim it will do to the banking system what emails did to the postal service.

But the virtual currency has made headlines after a security breach in June allowed one hacker to transfer the equivalent of $500,000 (£300,000) to his own account.

However, these recent events have not deterred members of the Bitcoin community.

Cyber-activist, entrepreneur and founder of the Swedish Pirate Party Rick Falkvinge - who has put all his savings into the currency - explains why.

Follow the Click team on Twitter - @bbcclick


Story Tools


Sign in

BBC navigation

Copyright © 2019 BBC. The BBC is not responsible for the content of external sites. Read more.

This page is best viewed in an up-to-date web browser with style sheets (CSS) enabled. While you will be able to view the content of this page in your current browser, you will not be able to get the full visual experience. Please consider upgrading your browser software or enabling style sheets (CSS) if you are able to do so.

Americas Africa Europe Middle East South Asia Asia Pacific