It is unlike traditional currencies because it has no central bank, nation state or regulatory authority backing it up. To spend them, users buy bitcoin and conduct transactions with them using exchanges such as San Francisco-based Coinbase. Bitcoin don’t actually exist but are digital keys are stored in a digital wallet, which can also manage transactions. There are also bitcoin ATMs, which allow for bitcoin to be exchanged for cash and vice versa, in London, Bristol, Brighton and Glasgow. It lost 10% on Wednesday when Jamie Dimon of JP Morgan described it as a fraud.

Source: The Guardian September 13, 2017 18:41 UTC