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Bitcoin is a digital currency that is not tied to a bank or government and allows users to spend money anonymously. The coins are created by users who 'mine' them by lending computing power to verify other user's transactions. They receive bitcoins in exchange. The coins also can be bought and sold on exchanges with U.S. dollars and other currencies.
Bitcoin mining is the process by which transactions are verified and added to the public ledger, known as the block chain, and also the means through which new bitcoin are released. Anyone with access to the internet and suitable hardware can participate in mining. The mining process involves compiling recent transactions into blocks and trying to solve a computationally difficult puzzle. The participant who first solves the puzzle gets to place the next block on the block chain and claim the rewards. The rewards, which incentivize mining, are both the transaction fees associated with the transactions compiled in the block as well as newly released bitcoin.
1) In June 2017 Bitcoin reached a market capital of over $8 billion.
2) Reached a record high of $2,500 in June 2017.
3) Analysts predict Bitcoin could hit $4,000 in 2017.
4) Global political uncertainty boosts investor sentiment.
5) Bitcoin recently surpassed the price of gold.