Bitcoin is a relatively new and unregulated electronic currency that enables the owner to buy, sell and trade anonymously without incurring high transaction charges. Since its creation in 2009, Bitcoin has become the most prevalent of a number of so-called cryptocurrencies. Some have heralded cryptocurrencies as potential challengers to financial institutions, especially in developing markets and regions where traditional banking infrastructure is underdeveloped. But despite a positive reaction to Bitcoin from the U.S. Federal Reserve Bank, multiple nations have refused to acknowledge the currency. Thailand, Russia, Iceland and Vietnam have all rejected or banned it. Bitcoin experienced a tumultuous February as Mt. Gox, an exchange that converted conventional legal tender into bitcoins and vice versa, on Feb. 7 stopped withdrawals from accounts and ultimately shut down Feb. 24.