25 May '17, 4pm

Bitcoin is going wild - here's what the cryptocurrency is all about - Business Insider

Bitcoin is going wild - here's what the cryptocurrency is all about - Business Insider

Bitcoin is a currency just like the US dollar or Mexican peso. It's also back in the headlines for soaring in value. One bitcoin was worth $2,800 on May 25, up from $1,200 at the end of April. In countries that accept it , you can buy groceries and clothes just as you would with the local currency. Only, bitcoin is entirely digital; no one is carrying actual bitcoins around in their pocket. Bitcoin is divorced from governments and central banks. It's organized through a network known as a blockchain, which is basically an online ledger that keeps a secure record of each transaction all in one place. Every time anyone buys or sells bitcoin, the swap gets logged. Several hundred of these back-and-forths make up a block. No one controls these blocks, because blockchains are decentralized across every computer that has a bitcoin wallet, which you only get if you buy bitcoin. W...

Full article: http://www.businessinsider.de/what-is-bitcoin-the-cryptoc...

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