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A guide to crypto currency, providing you with the knowledge of how to use crypto currency.
The government is to explore the role that digital currencies, such as Bitcoin, could play in the financial system. We have set out measures that will make Britain the global centre of such financial innovation.
What is Crypto currency?
Crypto currency is a digital currency and a form of decentralised electronic money. Since it was first created in 2009 it has seen a significant level of growth and has developed an ecosystem of users, merchants and investors.
The currency is exchanged through direct peer to peer transactions without going through an external bank, financial institution or government. Crypto currencies are saved in digital wallets and transactions are verified by a decentralised network of computer users from across the globe.
Who uses crypto currency?
95% of Bitcoin users are male, whilst only 5% of Bitcoin users are female. In the UK 37.9% of the population have heard of the currency and 69% of those who are aware trust the currency.
How to store crypto currency?
Crypto currency is stored in ‘digital wallets’ which are saved either on an users computer or in cloud locations, which then can be accessed anywhere in the world.
Crypto currencies transactions
Users are each provided a 34 character combination of letters and numbers as an address. A record of each transaction is added to the log of each crypto currency user across the globe. This insures that there is no duplicate use of the same crypto currency.
Where to use our crypto currency?
You can use your Crypto currency to buy Music, Books, Server space, travel, send money to a friend and much more. There are more than 850+ retailers who accept crypto currency in return for goods or services and in 2013 there were up to 71K transactions per day.
Fluctuations and exchange
In November 2013 Bitcoin was traded at over $1200 a record rate – at Mt. Gox. The top 10 crypto currencies combined are worth $8.69 billion. Crypto currencies are traded across the Internet on an hour-based system.
Its value is determined by the number of crypto currencies in circulation.
Can crypto currencies be trusted?
Despite by risks, Bitcoin have attracted investors from Silicon Valley. HM Revenue and Customs has released a briefing on the taxation of cryptocurrencies that shows it will treat them very much as a legitimate currency, potentially paving the way for mainstream adoption released a research report about bitcoin and said that currency could become a major player in bot e-commerce and money transfer.