Bitcoins - Strong rally has my attention.

So a few months ago, in November if I recall correctly, I was looking to change some Bitcoins into cash. I had acquired some Bitcoins through some "get paid to watch bitcoins" service that I stumbled upon. At the time Bitcoin was sitting at a healthy $10CAD/1Btc exchange rate. I had been aware about Bitcoin what it was capable of for some time. If you want to learn more about Bitcoins then please visit http://bitcoin.org/ or checkout this Wikipedia arcticle - Bitcoins. In the end I decided to go play some Satoshidice with the Bitcoins I had. 

Fast forward to today. I wanted to see what the status of the mining community was in regards to Bitcoins, in regards to difficulty and next generation hardware that was supposed to come out and make it much more cost effective to mine for Bitcoins. What got my attention the most was the huge rally that bitcoin has experienced in the past few weeks. Have a look at the chart below.

This chart represents the last 3 months and as you can see, Bitcoin has experienced a huge rally from around$13/btc to about $35/btc. That is incredible!! The reason why this is incredible because that this is not a flash in a pan rally, but a sustainable move to the upside. Healthy amount of volume with virtually no down days. It also seems that Bitcoin is giving government backed currencies competition. According to this seeking alpha article by Pater Tenebrabum , the ECB (European Central Bank) is worried about competition from Bitcoins. Bitcoin is no longer the thing of nerds and internet criminal organizations. Bitcoin is here to stay and it can only grow in popularity.

More and more online businesses are accepting Bitcoins, and it will only be a matter of time before you will be able to make your next coffee purchase with a Bitcoin debit card. I personally don't plan to invest in Bitcoins in the near future, however I will keep a closer eye on this digital currency and react accordingly. As for now, I am going to go grab some Bitcoins and play Satoshidice.

For further reading please check out this excellent article by Vitalik Buterin from Bitcoin Magazine. It is an excellent read and it goes into a more in-depth analysis in regards to this Bitcoin rally.