Everyone is talking about Bitcoin - a new type of digital currency that seems to be suddenly making millionaires and changing the way we carry out everyday transactions.

Bitcoin was the first implementation of a crypto-currency, a digital currency that isn't controlled by a centralised bank.


One Bitcoin, at the time of writing, is apparently worth £8,785.10 and seems to have been skyrocketing in value in recent weeks.

The cryptocurrency has surged over 10,000 percent since an investment from the Winklevoss twins - best-known for suing Mark Zukerberg claiming he stole their idea for Facebook.

They invested $11 million of their payout into Bitcoin in 2013, when one coin was worth just $120. Their slice of the Bitcoin pie is now worth over $1 billion, according to CoinDesk .

The currency is known for its volatile market value and can suddenly increase or decrease depending on world markets and current affairs.

Since January 2017, the value of Bitcoin has increased seven-fold, but during that time, it has seen many ups and downs in its worth.

In September 2017, the Chinese Bitcoin exchange, BTCChina, stopped accepting deposits for Bitcoin.

This was because Chinese regulators were concerned with the amount of investment the volatile and unregulated currency was drawing.

The closing of the Chinese Bitcoin exchange saw Bitcoin lose nearly $1,000 of its value in a fortnight as a direct result - that shows just how volatile the currency is.

Other cryptocurrencies including Bitcoin, Ethereum, and Lightcoin and all have seen unprecedented growth in 2017, despite remaining extremely volatile.

While digital currencies across the board have divided opinion between financial institutions, and now have a market cap of around 175 Billion USD, the crypto sector coninues to grow, as it sees wider mainstreem adoption.

So what is Bitcoin? How can you get some? And do you need to concern yourself with it? Thanks to Get Surrey for the following information:How is Bitcoin made?

Bitcoins were reportedly invented by Satoshi Nakamoto, although it is unclear if this is an alias or a real person.

But there are many different theories about the genesis of Bitcoin.

Bitcoins are created in a complicated process known as "mining", a custom built computer and intelligent piece of software which collects data on pending Bitcoin transactions.

These are turned into "blocks" and in turn, become mathematical puzzles.If you find the solution to the puzzle, you are rewarded with 25 Bitcoins, but only after 99 other blocks have been deciphered and added to something known as a ledger.

The mining is usually done in networks, to speed up the process. A group of miners would work together on each puzzle and accumulate blocks in their shared ledgers faster.

But only the miner who solved the puzzle is rewarded.

How are Bitcoins stored and bought?

Blockchain is the technology that backs up Bitcoin. It is also the digital wallet for the digital currency.

You can sign up for the technology free and keep track of markets and your funds via a website or mobile app.

You can buy Bitcoin from a number of outlets; in person or online, in cash or via bank transfer.

Bitcoin is not a physical currency, never buy it without a digital wallet set up. Never invest what you can't afford to lose.

Safety, controversy, and legality of Bitcoin

Bitcoin is not illegal but it is of interest to many authorities including tax, law enforcement and financial regulators.

It is illegal to use Bitcoin to buy illegal drugs on the dark web, where some Bitcoin is traded. This is because Bitcoin is untraceable and unregulated.

Bitcoin has no safety net like traditional currencies. If you lose your Bitcoin, they are stolen from you or the value simply drops to nothing - it's all on you.

Bitcoin is controversial because of its untraceable nature and association with the often illegal happenings of the dark web.

It is also opposed ideologically, as a newcomer to financial markets it doesn't play by the usual economic rules and no government is in control of it.

It's only worth so much because people trust it and it is popular.

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