Bitcoin rises 5pc to $49,106

NEW YORK: Bitcoin rose 5.01 % to $49,106.4 at 22:04 GMT on Friday, adding $2,342.1 to its previous close.

Bitcoin, the world’s biggest and best-known cryptocurrency, is up 77.4% from the year’s low of $27,734 on Jan. 4.

Ether , the coin linked to the ethereum blockchain network, rose 3.03% to $3,281.82 on Friday, adding $96.64 to its previous close.

Bitcoin is a virtual currency created from computer code. Unlike a real-world unit such as the US dollar or euro, it has no central bank and is not backed by any government.

Instead, Bitcoin’s community of users control and regulate it. Advocates say this makes it an efficient alternative to traditional currencies because it is not subject to the whims of a state that may devalue its money to boost exports, for example.

Just like other currencies, these coins can be exchanged for goods and services — or for other currencies — provided the other party is willing to accept them.

 

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