“Bitcoin is digital cash. The transactions are totally anonymous and non-refundable. However they are totally traceable, Nicolas Debock of London-based Balderton Capital that specialises in virtual currencies said.
“All the transactions are stored in databases called blockchains. It’s anonymous but anyone can monitor a bitcoin address and see how the money moves,” Debock said.
“No-one can take the money off those who hold it, but it is possible to follow in detail the activity on the account.”