Europeans exchange euros for bitcoins

With the huge debt crisis in Europe, locals are moving their money out of banks in fear of losing their savings.

Some are turning to Bitcoin, reports the Financial Post.

Bitcoin is a an internet-only currency released in 2009, created in order to avoid fees for transferring money to different currencies and credit card companies.

Because Bitcoin isn`t under the control of central banks or governments, there is a perception that it`s not susceptible to political pressures. This is why so many are flocking to bitcoin and leaving the European banks.

- The sudden rise (in Bitcoin transfers) has been driven by people in countries like Greece, Italy, Spain — and even the Netherlands — anxious to protect their savings - the Financial Port reports.

It`s interesting that people are willing to put their money on Bitcoin, where security breaches by hackers have already occurred, rather than in century old banks or government treasuries.