Money is supposed to be a store of value. After the recent collapse in the dollar convertible price of Bitcoins, the inevitable scrutiny in the viability of the monetary system is warranted.
The official description of Bitcoin states: Bitcoin is an experimental, decentralized digital currency that enables instant payments to anyone, anywhere in the world. Bitcoin uses peer-to-peer technology to operate with no central authority managing transactions and issuing money carried out collectively by the network. Purported myths and ground rules on how the alternative currency operates, provides calculated reading. Whether this accounting system can or would be accepted as a credible medium of exchange on any large scale is certainly an open question.