Its meteoric rise in value over the last year – punctuated by some dramatic falls – has made hundreds of early investors extremely wealthy, meaning that everyone suddenly wants a slice of the action. But what is it worth today?
What is Bitcoin?
Bitcoin is a virtual currency that was created in 2009 by an unknown computer whizz using the alias Satoshi Nakamoto.
Individual Bitcoins are created by computer code.
The total value of all Bitcoin in existence is now more than £185billion.
Transactions are made without middlemen, so there are no transaction fees and no need to give your real name.
More businesses are beginning to accept them and in some parts of the world you can even buy pizza with Bitcoins.
You can set up a virtual wallet websites like Blockchain to store, keep track and spend your digital money.
You are also able to purchase Bitcoin through an online exchange or Bitcoin ATM.
To find merchants that accept Bitcoin in the UK click here.
Bitcoins aren’t printed, like pounds, dollars or euros – they’re produced by people, and increasingly businesses, running computers all around the world.
It’s the first example of a growing category of money known as cryptocurrency.
Bitcoin is attractive to some users because of its anonymity, as well as its lack of government control.
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