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What's a bitcoin? A look at the digital currency

London: Early Tuesday, the world's most established exchange for bitcoin disappeared from the Internet, sending the price of the virtual currency tumbling and prompting fears that the world's biggest experiment in electronic cash could soon

India TV News Desk India TV News Desk Updated on: February 26, 2014 19:04 IST


Q: What's a bitcoin?

A: Bitcoin is an online currency that allows people to make one-to-one transactions, buy goods and services and exchange money across borders without involving banks, credit card issuers or other third parties. As a result, this exotic new form of money has become popular with libertarians as well as tech enthusiasts, speculators - and criminals. Bitcoins are basically lines of computer code that are digitally signed each time they travel from one owner to the next.

Q: Who's behind the currency?

A: It's a mystery. Bitcoin was launched in 2009 by a person or group of people operating under the name Satoshi Nakamoto and then adopted by a small clutch of enthusiasts. Nakamoto dropped off the map as bitcoin began to attract widespread attention, but proponents say that doesn't matter; the currency obeys its own, internal logic.

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