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What is bitcoin and how does it work?

What is bitcoin and how does it work?

In late October 2017, bitcoin was worth just under £5000 - now it's worth just a little more. And there are still a couple of months of trading to go. But what is Bitcoin and how does it all work? What is Bitcoin? 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.