Bitcoin price hit new record of over $20,000 – BBC News Pidgin

Di price of Bitcoin rise to pass $20,000 level for di first time in history on Wednesday.

Di virtual currency dey currently trade above $20,500, according to CoinMarketCap. E bin reach below $5,000 early dis year.

Dis wan take im year-to-date gain to more dan 180%.

Sabi pipo say Bitcoinn don get boost from big-name investors like Paul Tudor Jones and Stanley Druckenmiller wey move dia own assets into di cryptocurrency, while tech firms like Square and MicroStrategy don also chook eye inside bitcoin.

Oda major cryptocurrencies also experience significant increase in value, including Ethereum (ether), ripple (XRP) and litecoi wey rise between 4 and 7 per cent.

Bitcoin na cryptocurrency, virtual currency or digital currency – na type of money wey dey completely virtual.

Na like online version of cash. You fit use am to buy products and services, but not many shops dey accept Bitcoin yet.

Di physical Bitcoins wey you see inside photos no mean anything without di private codes wey dem print inside dem.

Each Bitcoin na basically computer file wey dem store inside ‘digital wallet’ app ontop smartphone or computer.

Pipo fit send Bitcoins (or part of one) to pesin digital wallet, and you fit send Bitcoins to oda pipo.

Every single transaction dey recorded inside public list wey dem call blockchain.

Dis wan make am possible to trace di history of Bitcoins to stop pipo from spending coins wey no be dia own, to dey make copies or stop transactions.

You fit buy Bitcoins with ‘real’ money.

You fit sell things and let pipo pay you with Bitcoins.

Or dem fit create am computer.

Every transaction dey recorded publicly so e dey very difficult to copy Bitcoins, make fake ones or spend di ones wey no be your own.

E dey possible to lose your Bitcoin wallet or delete your Bitcoins and lose dem forever. Pipo don also also thief from websites wey dey let you store your Bitcoins remotely.

Di value of Bitcoins don go up and down over di years since dem create am in 2009 and some pipo no tink say e dey safe to turn your ‘real’ money into Bitcoins.