Introduced in 2009, Bitcoin is an online, digital currency which doesn’t have a central bank or ownership and is often referred to as a peer-to-peer payment system. Bitcoins are generated through a process known as "mining." This involves using specific software to solve maths problems. When a maths problem is solved, the "miner" is rewarded with a Bitcoin. These Bitcoins can then be exchanged for goods and services. Although the number of companies who accept Bitcoins is currently limited, as the currency becomes more well known the number is growing. Bitcoins can also be bought using other currencies. Bitcoin is also a "crypto-currency" which means it uses cryptography to drive the production of Bitcoins and Bitcoin transactions. This makes the currency extremely secure. The "block chain," which is effectively a public book of accounts, is used to check that genuine Bitcoins are being exchanged in all transactions. Bitcoin benefits from no limits of exchange as users can perform instant transactions at an
Bitcoin to British pound conversion
this page last updated:: Thr 28 Sep 2017Bitcoin to British pound table - Click here for table options
The Pound Sterling is the third biggest reserve currency at 4%. It is unclear where the name "sterling" comes from. The first mention of "sterilensis" was in 1078 when the shilling was introduced. There are various sources the name could have come from; some early coins depicted stars and starlings, and medieval merchants were known as easterlings, meanwhile the meaning of "ster" in German is strong, reliable or excellent.