Bitcoi type of digital currency that allows people to buy goods and services and exchange money without involving banks, eredit card issuers or other third parties. How Bitcoins work: Biteoin is a digital currency that is not tied to a bank or government and allows users to spend ‘money anonymously. The coins are created by users who mine them (exchange) though, internet. The coins also can be bought and sold on exchanges with US dollars and offigmeurfencies. Their value has fluctuated over time. At its height in late 2013, a single Bitcoin was valued above $1,100 (roughly Rs. 73,000). Recently in 2016, it was worth about S445 (rotighly Rs. 29,500), Because the currency isn't formally regulated, its legality is ambiguous. Phé currency has also drawn the ire of many in law enforcement and cyber-security because is difficult to trace, making it a currency of choice for hackers behind cyber ffacks How Bitcoin is vulnerable 1. Bitcoin occurs at the places where people store their digital cash or exchange it for traditional currencies, like dollars or euros. If an exchange his weak security, or if a persor's electronic wallet is compromised, then the money'ean easily Be'stolen. 2. Online transaction can easily belhackd atthsince Bitcoin is not backed by government one cannot even claim insurafige opithefts/or leakages of Biteoin accounts, Why is it controvétsial? Bitcoins allow people to trade money without a third party getting involved. Because of that they have a notorioustassocfation with criminal activity. But plenty of people use bitcoins in a perfectljlogakway'to buy'goods and services or invest for their own future banking methods Recently, AvStraliabusinessman Craig Wright has claimed to be the person behind “Satoshi ‘Nakamoto fthe mysterious identity that created Bitcoin in 2008. Study Relevant, Study Smart! PrepMate by shubhamsias.com