Within four years of coming into existence, bitcoin has become the world's most expensive currency and its per unit value soared past $1,200 level or about 63,000 recently, although the prices have now slipped below $750 apiece ( 45,000).

After RBI and other central banks across the world warned financial intermediaries about dealing with virtual currencies through traditional channels, the buzz around such denationalised currencies, which are not backed by any assets, had tempered for some time.

The renewed proliferation of new currencies is being linked to the complexities involved in the way bitcoin is 'mined' and the newer avatars are comparatively much easier to create, word-of-mouth publicity and a rush of speculators has ensured they are catching up much faster, traders said.

These virtual currencies are increasingly being used to pay for goods and services with retailers, restaurants and entertainment venues. Some Universities, cafes, bars are accepting bitcoins and even products like bikes and furniture are being sold online for these currencies.

READMORE:

9 Indians Who Reformed The Tech Concepts Of Silicon Valley

10 Coolest Things You Can Do With Linux