Bitcoin leaps to all-time peak above $1,700

Bitcoin leaps to all-time peak above $1,700

On Tuesday, digital currency bitcoin reached a record peak because demand for crypto-assets inched up with the creation of fresh tokens to lift funding for start-ups via blockchain technology.

The underlying technology behind bitcoin, Blockchain happens to be a financial ledger maintained by a network of computers, capable of tracking the movement of any asset without a central regulator

On the BitStamp platform bitcoin reached a record $1,760.40, although last it traded at $1,747.89, soaring 6% on the day. This year, bitcoin has ascended almost 80%. On Tuesday, bitcoin's market capitalization inched up to $52.5 billion.

Apart from being an asset, which can be traded on exchanges like bonds and stocks, bitcoin has turned to be a mode of payment for some retailers, including Overstock.com. It’s also utilized transfer money without a third party.

Bitcoin is generated by so-called "mining" computers, validating blocks of transactions by simply trying to resolve mathematical puzzles every 10 minutes. The first computer to solve the puzzle, gets new bitcoins.

 

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