The virtual currency hit a high of $10,379 in Asia, according to Bloomberg News, more than 10 times higher than its value at the start of the year. The virtual currency has attracted as much anger as praise, however, with the boss of JP Morgan Chase labelling it a fraud and governments, while China and South Korea have expressed concerns. Bitcoin aims for $10,000 as it rockets to record highTransactions happen when heavily encrypted codes are passed across a computer network. Bitcoin and other virtual currencies use blockchain, which records transactions that are updated in real time on an online ledger and which are maintained by a network of computers. Hundreds of other digital currencies have been created since its launch, but Bitcoin remains by far the most popular.

Source: The Express Tribune November 29, 2017 06:45 UTC