China's official currency is known as the Renminbi but is often referred to as the Chinese Yuan. Renminbi is the official name given by the Communist People's Republic of China in 1949. "Renminbi" means "The People's currency." The Yuan is a subunit of the Renminbi currency with one Yuan being made up of 10 Jiǎo (角) and a Jiǎo is made up of 10 Fēn (分). Renminbi banknotes come in denominations of ¥0.1, ¥0.2, ¥0.5, ¥1, ¥2, ¥5, ¥10, ¥20, ¥50 and ¥100 and coins of ¥0.01, ¥0.02, ¥0.05, ¥0.1, ¥0.5 and ¥1.
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