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In an online chat with social media users in January , the world's richest man, Elon Musk, said he was a big supporter of Bitcoin. He even went as far as to change his Twitter bio to " bitcoin". He has repeatedly shown his support to online currencies in recent years and caused major movements in their values due to his own personal wealth and influence.

This particular endorsement led to the value of Bitcoin to rise significantly. Every transaction is recorded publicly so it's very difficult to copy Bitcoins, make fake ones or spend ones you don't own. It is possible to lose your Bitcoin wallet or delete your Bitcoins and lose them forever. There have also been thefts from websites that let you store your Bitcoins remotely.

What is cryptocurrency and how does it work in the digital world?

The value of Bitcoins has gone up and down over the years since it was created in and some people don't think it's safe to turn your 'real' money into Bitcoins. He said that he was "very nervous" about people using Bitcoin for payments pointing out that investors should realise its price is extremely volatile. By this, he meant that the value could drop significantly at any moment and investors could lose a lot of money. Elon Musk becomes richest person in the world. These comments are now closed.

1. Bitcoin Explained – For a 5 Year Old

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Guide: What is Bitcoin and how does it work? Getty Images.

How Does Bitcoin Work? Here's a Simple Explanation

What is Bitcoin? How does Bitcoin work? A Bitcoin wallet app on a smartphone. How do people get Bitcoins?

Denes Farkas. How are new Bitcoins created?

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People build special computers to generate Bitcoins. Why are Bitcoins valuable? Bitcoins are valuable simply because people believe they are. Why do people want Bitcoins?

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Is it secure? More like this. Elon Musk becomes richest person in the world 10 Jan 10 January Your Comments Join the conversation. To use comments you will need to have JavaScript enabled. PPU 24 Mar. Wait, now you earn money by spending money? Just stick to cash or card, it's not complicated and it's not risky. It's been perfectly fine for the last years.

Blockchain Expert Explains One Concept in 5 Levels of Difficulty - WIRED

Blackninja25 23 Mar. In my quest to plug the knowledge gap I went on a reading spree, and in this post I will share those articles and videos that helped me gain a good level of understanding. The Bitcoin explanation via real world apples and digital apples is genius, and is a great start point because they simplify all of the terminology so that YOU can understand it and relate to it. Once there, check out the Beginners Guide to Bitcoin section for further detailed explanations about bitcoin, the founder and an insightful glossary.

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Here Scott relates all of the key bitcoin buzz words with simple terms that we are all too familiar with such as cash, electronic banking, bank clerks and bank statements — if you know what those are, this article will help you understand bitcoin. Its brilliant, and probably one of the best articles on bitcoin that I have read — enough said! Next check out How Does Bitcoin Work? Its fairly simple and after reading the first 2 articles I mentioned this will start to make sense. Bitcoin: The Simplest Non-technical Explanation is a good final article to read.

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In this post the comparison with gold is made, and by the authors own admission the analogy is not perfect, but it makes the point.