Bitcoins: Could virtual cash replace money?

Virtual currency Bitcoin has trebled in value, as the financial crisis in Cyprus and beyond shakes consumer confidence in traditional banks.

Bitcoins are earned online, by completing difficult computing tasks, and exchanged between people directly, bypassing banks. Because they are stateless, they cannot be taxed, frozen or easily traced.

Some experts think Bitcoin could be the first step in a virtual money evolution.

Joe Lynam reports.

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