The price of bitcoin has reached US$50,000 (£36,095) – another all-time high. It’s hard to believe that 10,000 bitcoin would only buy a couple of pizzas ten years ago. It’s even stranger to think that bitcoins are completely virtual. You can’t hold one, except on a hard drive, and there’s no underlying asset to them. A bitcoin is simply a digital representation of the computer power needed to make one, what’s called its “proof-of-work.” This isn’t actually a new idea though. Rai stones were one of the first forms of money used on the Micronesian islands of Yap. To get…
This story continues at The Next Web