Bitcoin Value As It Price Continue To Fluctuate

BITCOIN is the world's leading cryptocurrency and has sent shockwaves through the financial markets.

Its meteoric rise in value last year has been followed by an equally dramatic plunge - but what is it worth today?

What is Bitcoin worth today?


Bitcoin was trading at around $10,189 (£7,432) at 11.20am on February 23 - down from earlier in the week.

Trading has been extremely volatile with large swings up and down as regulators worldwide have signalled a crackdown on the "Ponzi scheme" cryptocurrency.

There are hopes however as the market itself is embracing calls for regulation and this may be what is giving BTC a new hope.

At the depths of its free-fall, bitcoin's value had fallen by nearly three quarters since its record high of £14,837 on December 18.

A Bitcoin was worth just £4,350 on February 6 but it then recovered to nearly twice that a fortnight later.

Its price was damaged by South Korea's plan to ban anonymous cryptocurrency trading, sending the market into a tailspin.

Justice minister Park Sang-ki said the government was preparing a bill to ban trading of the virtual currency on domestic exchanges.


He said: "There are great concerns regarding virtual currencies."


Analysts had warned of a bubble after the price soared beyond $10,000 for the first time in late November 2017 and peaked at almost twice that three weeks later.


The surge was attributed to demand in China, where authorities warn bitcoin is used to channel money out of the country.


EBay even considered accepting bitcoin payments as it entered the mainstream with a listing on a US exchange.


But investors are worried by the currency's volatile nature and the market's inability to cope with sudden shifts in demand.



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 middlemen, 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 website 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 accept 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.


How do Bitcoins work?


The value of Bitcoin, like all currencies, is determined by how much people are willing to exchange it for.


To process Bitcoin transactions, a procedure called 'mining' must take place, which involves a computer solving a difficult mathematical problem with a 64-digit solution.


For each problem solved, one block of Bitcoin is processed.


In addition, the miner is rewarded with new Bitcoin.


To compensate for the growing power of computer chips, the difficulty of the puzzles is adjusted to ensure a steady stream of new Bitcoins are produced each day.


There are currently about 16 million in existence.


The Bitcoin protocol – the rules that make Bitcoin work – say that only 21 million Bitcoins can ever be created by miners.


But these coins can be divided into smaller parts with the smallest divisible amount one hundred millionth of a Bitcoin.


This is called a "Satoshi", after the founder.


To receive a Bitcoin, a user must have a Bitcoin address - a string of 27-34 letters and numbers - which acts as a kind of virtual postbox.


Since there is no register of these addresses, people can use them to protect their anonymity when making a transaction.


These addresses are in turn stored in Bitcoin wallets, which are used to manage savings.


BITCOIN is the world's leading cryptocurrency and has sent shockwaves through the financial markets.

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