IN its short years of existence the cryptocurrency Bitcoin has seen a meteoric rise in its value punctuated by some dramatic falls making hundreds of early investors extremely wealthy. But what is it, how do you use it and is it safe? Here is everything you’ll need to know… 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 and their total value is thought to exceed £251.8billion. 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 BitcoinsYou can set up a virtual wallet website 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. Bitcoins aren’t printed, like pounds, dollars or euros – they’re produced by people, and increasingly businesses, running computers all around the world. To find merchants that accept Bitcoin in the UK click here.How do Bitcoins work? To process Bitcoin transactions, a procedure… Read full this story
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