The coins are created by users who 'mine' them by lending computing power to verify other users' transactions.They receive bitcoins in exchange. The coins also can be bought and sold on exchanges with U.S. dollars and other currencies.One bitcoin recently traded for $1,734.65, according to Coinbase, a company that helps users exchange bitcoins. Transactions can be made anonymously, making the currency popular with libertarians as well as tech enthusiasts, speculators and criminals.Yes, to a point. The currency has become popular enough that more than 300,000 daily transactions have been occurring recently, according to bitcoin wallet site blockchain.info. Bitcoin was launched in 2009 by a person or group of people operating under the name Satoshi Nakamoto.

Source: Economic Times May 16, 2017 06:32 UTC