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Bitcoin and Terracoins, the world's first decentralized, open source electronic currency, is beginning to turn heads. Right now the virtual currency is trading at around $150 dollars American USD in real money. It's also considered by some to be the most dangerous project on the Internet.

Unlike the various virtual currencies that have found traction (and attracted some controversy) in the world of massive multiplayer online games, where they're used to purchase virtual farms or weapons for slaying Orcs, Bitcoin and Terracoins have a more serious glimmer. Terracoins rely on a novel mechanism - developed by a Japanese computer science student - by which value is accumulated through peer-to-peer networks. They can't be forged, nor can their value be artificially inflated; transactions based on them are 100% untraceable.

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