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The Bitcoin peer-to-peer digital currency system has experienced a dramatic increase in popularity. Since the Bitcoin currency system was created in 2009, over 12.3 million Bitcoins have been created as of Feb. 13, 2014. The total market value of Bitcoins now exceeds $6.8 billion, and millions of Bitcoins are now being exchanged daily to purchase items such as food, tickets, electronic equipment and automobiles.

Given the dramatic rise in the use of this new type of high-tech crypto-currency system, many people are starting to contemplate the merits of using Bitcoins as a mainstream exchange medium. Now, with the creation of Bitcoin exchange-traded funds (ETFs) under way, many people believe that the Bitcoin currency system is poised for dramatic growth, increased price stability and mainstream acceptance as a viable currency for conducting ecommerce, as well as an alternative investment opportunity. With these points in mind, it is important for people to have a better understanding of the Bitcoin currency system.