04 Apr '13, 8am

Bitcoin, the 'new gold' - but what on earth is it? via @Telegraph

Bitcoin, the 'new gold' - but what on earth is it? via @Telegraph

So how would I buy some of my own Bitcoins? You choose a virtual wallet from one of the various providers. This means you can start to receive coins from other users, and send them onwards. You can buy Bitcoins on specialist online currency exchanges, and they also change hands over online marketplaces such as eBay. Why's everyone suddenly talking about them though? Because the price has exploded, going from just over $10 per Bitcoin last November, to around $140 this week. Blame the crisis in Cyprus (one entrepreneur is even planning to open at Bitcoin ATM there ), crumbling faith in traditional currencies, or what you will - Bitcoin is in hyperinflation or hyperdeflation , depending on how you look at it. What's the attraction? A key idea built into the Bitcoin system is that there is a limit of 21m Bitcoins that can be mined. Right now there are close to 11m in existenc...

Full article: http://www.telegraph.co.uk/finance/economics/9970738/Bitc...

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