Bitcoin prices rose by more than 150% in 2016, from £294.6 at the beginning of the year to £778.47 in December, according to the XE currency data.
Bitcoin is a digital peer-to-peer payment network that uses individuals to process transactions through computers, a process called “bitcoin mining”.
This mining provides monetary reward in the form of bitcoins.
- Mobile bank secures £8m for European expansion
- Santander InnoVentures invests in fintech firm
- Treasury appoints RBS head as fintech envoy
Bitcoins can also be acquired via the payment of goods and services, purchased through a bitcoin exchange or privately traded.
Bitcoin was first developed by Satoshi Nakamoto in 2009 as an open-source project and is not owned by a single person or entity.
The bitcoin software has been published openly and any developer can make their own modified version of the software.
By August 2013, the total value of bitcoins in circulation hit $1.5bn.
Bitcoin payments can be sent directly via a computer or mobile phone.
Leave a comment