For those cyber savvy geeks out there the term "bitcoin" is very well known. This virtual currency has been around for a couple of years now and is used by computer and tech companies and their customers to conduct online transactions. There are no backings, banks or bankers involved in the process and this week groundbreaking poker site, SwitchPoker.com became the first online casino to accept the currency for withdrawals and deposits. The Bitcoin is created through the use of CPU cycles on regular computers but it takes a lot of power to create a single Bitcoin which is why there aren't as widely known as they might be. Users of the Bitcoin operate on a P2P platform in which clear and free exchange takes place. The Bitcoin is anonymous but general statistics on the use of the Bitcoin are available in online public space. The Bitcoin software is a freeshare item encouraging participation. It seems only $21 million Bitcoins are expected to become official virtual currency. This cap eliminates needs for increases, budgets or inflation. It stays the same. Bitcoin is now being accepted for purchases from manufacturers outside of the virtual world. Players can actually purchase a single Bitcoin for approx. $2.30. Of course there are worries about such a virtual currency system but it does make for quite an evolution in the world of money. SwitchPoker.com may go down in history for this bold move. It will be interesting to see how the use of the Bitcoin spreads and develops across cyber space. Good for SwitchPoker for standing out from the crowd.