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38 worth of bitcoin in May 2010 you would now be a millionaire. 730, at the time a record high. Created in 2009, bitcoin is a type of virtual currency that is free from government interference and can be shared instantly online. To ensure the system has value, no more than 21million bitcoin can ever be created, so values can fluctuate wildly depending on supply and demand. The underlying technology is blockchain, a financial ledger maintained by a network of computers that can track the movement of any asset without the need for a central regulator. But a series of hack attacks and ongoing concerns about fraud and safety dragged the value of the currency back. 354 at the start of 2016.
China – has seen the cryptocurrency surge in value. Chinese stocks are down around eight per cent in the last month and gold remains flat – meaning investors are finding returns hard to obtain. Experts believe this is encouraging the Chinese to head elsewhere, including bitcoin, despite the Government’s efforts to restrict domestic capital leaving the country. Bitcoin are lines of computer code that are digitally signed each time they travel from one owner to the next.