Digital payment platform Bitcoin began in 2008 as a secure cryptocurrency, and it has evolved into a valuable digital exchange system. Bitcoins can be ‘mined’ by anyone with a suitable computer – they can use their machine’s processing power to handle transactions and pick up Bitcoins of their own. Those coins can be stored in a digital Bitcoin wallet and are secured with the user’s private key, which is required in order to make transactions or trade Bitcoins. The digital coins can be traded and sold securely online, with over 100,000 global merchants accepting the payment method.
The value of Bitcoin
Due to a limit on production, there will only be a maximum of 21 million Bitcoins in circulation – and this allows them to retain a real value and maintain themselves as a legitimate currency. At the time of writing, one Bitcoin was worth around £440.51 in the UK and $575.88 in the USA. The value of the currency fluctuates by day and by hour, as it does with any international economic system. Back in June of this year, it reached an all-time high value of $719.85 (£550.82) but since then, it has fallen slowly and levelled off at