bitcoin is now worth a massive $12,450.92, after smashing through the $12,000 barrier overnight

Against the dollar, a single bitcoin is now worth a massive $12,450.92, after smashing through the $12,000 barrier overnight.
And there is now growing interest from institutional investors as it continues to break its own records.
The then-record high for one Bitcoin of £8,015 ($10,740) was reached on November 29 and basically saw the coin striking its mainstream moment.
But its value has continued to climb since then and shows no sign of stopping.
The dramatic rise has been attributed to surging demand in China, where authorities warn it is used to channel money out of the country.
In March 2017 the price exceeded the value of an ounce of gold for the first time – then around £940.

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.
The total value of all Bitcoin in existence is now more than £112billion.
Transactions are made without middle men, 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 Bitcoins.
You can set up a virtual wallet websites 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.
To find merchants that accepts Bitcoin in the UK click here.
Bitcoins aren’t printed, like pounds, dollars or euros – they’re produced by people, and increasingly businesses, running computers all around the world.
It’s the first example of a growing category of money known as cryptocurrency.

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