Virtual currencies are all the rage these days, with Bitcoin at the lead. A report on The Irish Times examined the other solutions that the digital money could provide.

The Bitcoin is doomed to fail because it is private money. This was the view expressed by Edward Hadas, the economics editor of Reuters' Breakingviews.

The competition is growing in the world of virtual currencies as other rivals tout their advantages over the bitcoin, a report from The New Y0rk Times The Dealbook reveals.

Almost all cryptocurrencies (peer-to-peer digital currencies) has been growing fast over the last seven days, including Bitcoin, Litecoin, PeerCoin, Megacoin, and Namecoin, according to coinmarketcap.com.

The wider acceptance of bitcoins reportedly brought its trading value at over the USD 1,000 mark on Mt. Gox, encouraging speculators to grab their share of the virtual currency.

Although Bitcoin and gold are driven by the same demand for alternative currencies, one fared better than the other. Wall Street Journal said investors are rushing to invest in Bitcoin as gold loses its appeal.

Israeli computer scientists Dorit Ron and Adi Shamir retreated their claims in a report they published citing a financial link between the Bitcoin payment system and the operator of Internet black market Silk Road.

Cryptolocker thieves are taking advantage of the $1,000 surge of the Bitcoin value by spreading malware that threatens to encrypt computer data and collecting anonymous Bitcoin ransom from unwitting victims.

Should an average consumer ride on the Bitcoin frenzy? An article published on the The Guardian cautions investors about the unclear nature and use of the Bitcoin, and asks them to wait unless a government-sanctioned financial system for the virtual currency is in place.

The price briefly topped the equivalent of $1,000 on Chinese exchange BTC China back on 19th November, but this is the first time this level has been reached in a US dollar denominated exchange rate.