Quiz of the Week: Bitcoin Bonanza

Everyone has been talking about the virtual crypto-currency Bitcoin this week. There were ups and downs, with the value per coin hitting a new high and the biggest exchange in the world hit by a DDoS attack.

But there remains much confusion and mystery surrounding Bitcoin. Who invented it? How does it work? Is it a currency at all? Is it even legal? And isn’t it just a bubble waiting to burst?

In a Bitcoin bubble?

That last question has been on the lips of many onlookers. Given the coins aren’t used to actually buy much, many see them as just an asset, buying in the hope that they will sell before the value plummets.

Others aren’t worried about the value of the coins at all. They see it as a good network for transferring funds, without the bureaucracy and middlemen who slow things down and take a slice.

Internet freedom activists are particularly keen on Bitcoins. It gives them a way to transact, on a global basis with no barriers, without government interference. At least, there isn’t much government input yet.

Governments have started to show an interest in stepping in, with the US Treasury after the Financial Crimes Enforcement Network saying last month that virtual currency exchanges would be beholden to the same rules as other financial services bodies.

So are you a Bitcoin lover or a sceptic? Either way, see how informed you really are on the topic with our quiz. You might learn something along the way too…

Do the Quiz!

And, if you like it, try some others!