Let’s immediately get one thing straight. If you’ve come here for an in-depth financial analysis of Bitcoins, you’re in the wrong place. But welcome anyway, have a look around. I’m sure you’ll find these offerings on financial haircuts, Greece or Fiscal Cliffs were worth the visit.
If you’re here for the more usual Wordability fare of finding out about new words, then let me tell you more. Bitcoin is not a new word per se, having first been used at the start of 2009. It emerged from research published the year before by Japanese developer Satoshi Nakamoto. But despite its history, the word is certainly novel for many of us, and its sudden emergence into the mainstream may see it being recognised as one of the words of the year.
So what is a Bitcoin? Basically, if I am understanding it correctly, it is a form of electronic currency, protected by a complex algorithm and limited to a maximum number of units. The reason you might have now heard of it is that investors are suddenly ploughing into them as the next potentially safe haven for their cash. Forget gold, it is said, Bitcoins are the new investment bling.
I clearly don’t profess to know what the future of Bitcoin is, and whether it will prove to be an investment flash in the pan or the future of money. But either way, it is now enjoying its moment in the sun, meaning that this is the year in which its place in the financial lexicon will be secured.