A price of one bitcoin had been roughly $1,000 at the beginning of the year. Other executives, including International Monetary Fund chief Christine Lagarde, say virtual currencies should not be dismissed and could have useful applications, such as a means of payment in countries with unstable currencies. Whereas virtual currencies were initially used primarily as a method of payment, in recent months they have become a hot investment among speculators. He believes virtual currencies are “here to stay” and expects the price to rise higher still. How bitcoins workBitcoin is a digital currency that is not tied to a bank or government and allows users to spend money anonymously.

Source: Los Angeles Times November 29, 2017 15:33 UTC