Keep up with the buzz about bitcoins
The Revenue has warned that bitcoin traders need to declare their online bitcoin commercial activity or face prosecution. But what exactly are bitcoins? Adrian Weckler explains
What are bitcoins?
Bitcoins are a virtual 'currency' - ethereal, online commodities: IT code. The technical explanation is complex, but, essentially, bitcoins were created - and are still being created - when a massively complex code is unlocked.
However, this code-cracking does not depend on individual genius but on raw computing power: the faster your PC's graphics card, the quicker it will 'create' a bitcoin.
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