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 Icelandic króna conversion
this page last updated:: Wed 22 Nov 2017
Convert Bitcoin to Icelandic króna
In September 2002, the Icelandic Prime Minister declared that all invoices and the price of goods should only be given and paid for in whole Krónur. Coins of less than one Króna are therefore no longer in circulation.
Bitcoin to Icelandic króna table