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Bitcoin: Paying with the cryptocurrency

February 20, 2017

Bitcoin has long had a poor reputation. On the dark net it has been used to buy drugs and arms. But its reputation is improving and it is being used for legitimate transactions as well.


Bitcoins are created as a reward in a competition when a computer solves a certain kind of puzzle. The process is called 'mining', and it has created a virtual gold rush. Marco Streng is a mathematician and businessman from Munich who runs a mining farm in Iceland. He won't disclose any numbers, but he is evidently making money. Just the electricity needed to operate all the hardware costs a million euros a month. Bitcoin is traded like a standard currency nowadays and the exchange rate fluctuates -- sometimes wildly.

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