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As talk of the currency has gone global, the Bank of Singapore has suggested that the year-old currency could replace gold as its store of value. However, in October, the head of the Bank of England, Andrew Bailey, warned about the unpredictability of Bitcoin, saying it makes him, "very nervous". With all this talk you're probably wondering - what is Bitcoin and how does it all work?
Why bitcoin?
Here's everything you need to know. Bitcoin, often described as a cryptocurrency, a virtual currency or a digital currency - is a type of money that is completely virtual.
It's like an online version of cash. You can use it to buy products and services, but not many shops accept Bitcoin yet and some countries have banned it altogether.
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However, some companies are beginning to buy into its growing influence. In October last year, for example, the online payment service, PayPal, announced that it would be allowing its customers to buy and sell Bitcoin. The physical Bitcoins you see in photos are a novelty.
They would be worthless without the private codes printed inside them. Each Bitcoin is basically a computer file which is stored in a 'digital wallet' app on a smartphone or computer.
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People can send Bitcoins or part of one to your digital wallet, and you can send Bitcoins to other people. Every single transaction is recorded in a public list called the blockchain. This makes it possible to trace the history of Bitcoins to stop people from spending coins they do not own, making copies or undo-ing transactions. There are three main ways people get Bitcoins. In order for the Bitcoin system to work, people can make their computer process transactions for everybody. The computers are made to work out incredibly difficult sums.
Occasionally they are rewarded with a Bitcoin for the owner to keep. People set up powerful computers just to try and get Bitcoins. This is called mining. But the sums are becoming more and more difficult to stop too many Bitcoins being generated.
Bitcoin: What Is It?
If you started mining now it could be years before you got a single Bitcoin. You could end up spending more money on electricity for your computer than the Bitcoin would be worth. There are lots of things other than money which we consider valuable like gold and diamonds. The Aztecs used cocoa beans as money! Bitcoins are valuable because people are willing to exchange them for real goods and services, and even cash.
Some people like the fact that Bitcoin is not controlled by the government or banks. People can also spend their Bitcoins fairly anonymously. Although all transactions are recorded, nobody would know which 'account number' was yours unless you told them. In an online chat with social media users in January , the world's richest man, Elon Musk, said he was a big supporter of Bitcoin.
He even went as far as to change his Twitter bio to " bitcoin".
He has repeatedly shown his support to online currencies in recent years and caused major movements in their values due to his own personal wealth and influence. This particular endorsement led to the value of Bitcoin to rise significantly. Every transaction is recorded publicly so it's very difficult to copy Bitcoins, make fake ones or spend ones you don't own.
Virtual currency / EUR charts
It is possible to lose your Bitcoin wallet or delete your Bitcoins and lose them forever. There have also been thefts from websites that let you store your Bitcoins remotely. Some commentators were even suggesting a massive drop was on the horizon, while others had more conservative views that a quiet spell beckoned before the wave of institutional investment carried BTC to new highs.
On the few occasions where weekend trading has been flat, it has often signalled a robust consolidation or even coiling prior to a significant rise in price. Under normal circumstances, a sustained period of relatively horizontal trading heralds the return of confidence to an unsettled market. However, in the case of Bitcoin, it is likely that the bigger investors are anticipating an event.
In mainstream stock markets, a similar pattern to what is shaping up in the cryptocurrency charts often occurs while traders are waiting on certain pieces of information — such as an earnings report.
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Stock markets will also experience low trading volumes during this kind of sideways movement.