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Bitcoin reaches $10,000 mark

Bitcoin
The cryptocurrency made history and crossed the $10,000 mark for the first time today, reaching $10,044 at 1:45am UTC.

Bitcoin‘s incredible rise continues after the virtual currency was trading at $1,000 at the beginning of 2017. It first reached this number in late 2013, before dipping and rising again.

The total Bitcoins in existence now are valued at over $167 billion with many experts saying it can go much further, while others are sceptical about the rise because of dips along the way.

Bitcoin was first introduced in 2009 and took a few years to be noticed as a viable ‘alternative’ to ‘traditional’ currency.

Bitcoins are created via a process known as ‘mining’ where the connected networks of individuals solving maths problems are awarded coins for their efforts. Security and reliability are huge issues facing the concept with many sceptical on how safe the ‘virtual wallet’ system really is.

With this current position, Bitcoin is up more than 900% on a year-to-date basis, with prices climbing 230% since a low of $3,000 in the middle of September.

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