[2017-01-06] ET: Bitcoin: Here's all that you need to know about it

Bitcoin: Here's all that you need to know about the virtual currency

http://economictimes.indiatimes.com/magazines/panache/bitcoin-heres-all-that-you-need-to-know-about-the-virtual-currency/articleshow/56369446.cms

The value of bitcoin surged above $1,100 on Thursday as the digital unit continues a dizzying rise that made it the best-performing currency of 2016.

Analysts have suggested a host of reasons for its appreciation, from global uncertainty and a strengthening dollar to demonetisation in India and capital controls in China.

Here are some key facts about bitcoin.

Bitcoin is a virtual currency that is created from computer code. Unlike a real-world currency such as the US dollar or the euro, it has no central bank and is not backed by any government.