It's a Currency. It's a Dessert Topping. It's Bitcoin!

Feb 3, 2014

What is bitcoin exactly?

Arrests in New York and Florida in late January indicate the global virtual currency Bitcoin has the attention of federal prosecutors: A top executive with a Bitcoin trade organization was one of those charged. The second man arrested was Robert Faiella, at his home in Cape Coral.

Faiella was charged with conspiracy to commit money laundering and operating an unlicensed money exchange business.  They are accused of helping push money through the online drug marketplace Silk Road.  

The currency at the center of the case is Bitcoin, a virtual form of money.  It's not produced by a national government, and it floats beyond the modern banking system.   WLRN's Sunshine Economy tackled the question: What is Bitcoin? Hear what we found below.