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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They say that revenge is a dish best served cold - in this case, perhaps with a side of Bitcoin?

While Mark Zuckerberg’s stake in Facebook has made him one of the richest men in the world, his rivals, the Winklevoss twins, found another way to become billionaires. The twins sued Zuckerberg in 2011 and received a $65 mln payout. While that number was paltry in comparison to the company’s worth, it was enough to take the twins’ net worth past the billion dollar mark.

According to The Telegraph the twins invested $11 mln of the payout in Bitcoin in 2013. Fortune points out that the twins paid about $120 each for their approximately 91,666 Bitcoins giving them about one percent of all the Bitcoins that had been mined at the time.

Fast forward five years and the price of Bitcoin has skyrocketed. As of press time, Bitcoin is sitting above $11,400. It’s believed that the Winklevoss twins are the first investors to make a billion dollar return on their investment.

The industrious entrepreneurs sit at or near the top of a prestigious list of Bitcoin owners. They are also in the process of launching their own Bitcoin ETF - which was rejected earlier this year. Their very own Bitcoin exchange, Gemini, has been operating for around a year following a lengthy battle for approval.

This time for real
We have to fess up - in early November we published an article stating that the Winklevoss had then become billionaires. As it turns out, that was based on an inaccurate estimate of their total Bitcoin holdings. They owned 1% of all Bitcoin back in 2013, not 1% of all Bitcoin in November 2017. It’s probably more accurate to calculate their holdings using the amount they invested ($11 mln) and the price per Bitcoin at the time ($120). Thus they own approximately 91,666 Bitcoins, not the 120,000 Bitcoins we were estimating at the time.

Of course, the twins never released the exact number of Bitcoins they own, so any estimate is likely to be off by a small amount. Assuming the 91,666 estimate is correct, at press time, the value of their holdings is $1.063 bln.

But nobody cared?
In early November, a number of crypto news outlets published similar stories to our own, but mainstream media never took note and apparently didn’t care. It took them an entire month to catch up with the story, and though their estimates are likely more accurate, their reporting is behind.

Math aside, it’s truly extraordinary that a pair of Bitcoin investors have made over a billion dollars from their investment. It’s exactly this type of story that’s fueling the flames of mainstream adoption, and that’s driving mainstream media into a frenzy of Bitcoin reporting.

Maybe not the richest
Because of the pseudo-anonymous nature of Bitcoin, there may be others who own even more Bitcoin than the Winklevoss twins. Satoshi Nakamoto, if he is still alive and has access to his private keys, is believed to own about one million Bitcoins, or about $11 bln worth.

Other early Bitcoin investors are candidates for billionaire status as well. Roger Ver is widely believed to have 300,000 Bitcoins. Trace Meyer is another candidate for billionaire status, having purchase Bitcoin when the currency was trading for around 25 cents each. A few months ago, Ver and Meyer made a 25,000 Bitcoin bet over the future of the Bitcoin scaling debate (Ver sided with the big blockers and now supports Bitcoin Cash). Clearly they are both very wealthy.

High-profile twins good for Bitcoin
Given the twins’ high-profile around the world, they are likely to continue playing a major role in the uptake of Bitcoin and altcoins into mainstream consciousness. Their influence carries weight among multiple spheres, in business, academics and sports. Yes, sports. The twins competed in the men’s pairs rowing at the 2008 Beijing Olympics.

Some investors think they missed out on Bitcoin because it's too expensive to buy at $11,418.70 a coin. But you don't have to buy one whole bitcoin at a time.

You can buy fractional shares of Bitcoin, and those fractional shares will increase in value each time the price of Bitcoin climbs. The best part is, you can buy as much or as little as you want and still profit from Bitcoin's rising price.

BitcoinFor example, if you purchase $1,000 of Bitcoin when it trades at $11,000 per coin and the price climbs to $12,000, your original investment would be now, worth $1,090... https:///qNPRSL for more details

Bitcoin, Like Anything New, is Confusing at First

Four years into its popular adoption, even a well-regarded economist like Paul Krugman thought little of the Internet’s potential, predicting, “The growth of the Internet will slow drastically,” he wrote, “most people have nothing to say to each other! By 2005 or so, it will become clear that the Internet’s impact on the economy has been no greater than the fax machine’s.”

It’s fair to look back and acknowledge not everyone fully appreciates a technology at the time of its inception or early years.New To Bitcoin? Welcome! Here’s How To Take Those First Steps

The same is true for Bitcoin, or will be.

Mainstream accounts of Bitcoin range from terrifying criminal portrayals to a speculative mania rarely seen. While
some of that is for sure going-on, the vast majority of Bitcoiners are people interested in a reliable payment
system and a money that holds its value (or better).

Leave the hype behind, both good and bad, and instead consider the basics of Bitcoin as a network and bitcoin
as a money.

Install a Wallet on Your Phone or Computer

Think of it like electronic mail, email. You don’t really understand how it works either, but you’ve used it in some fairly serious communications. Same might said of social media: you have an appreciation of its power because you’ve experienced it. To really get bitcoin, you have to use it, experience it in some practical way. The first thing to do is download a wallet, a piece of software to install on your smartphone or home computer. Continuing with the email analogy, you’re setting up your email address, but for money.
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