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 US dollars and other currencies.One bitcoin recently traded for $1,734.65, according to Coinbase, a company that helps users exchange bitcoins. That makes it more valuable than an ounce of gold, which trades at less than $1,230.The value of bitcoins can swing sharply, though. 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.

Source: Economic Times May 17, 2017 14:20 UTC