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At the time when this guide was written, January 2014, the price of one bitcoin stood at $913, down slightly after reaching an all-time high of over $1,200 earlier in December.
The new cryptocurrency came a long way from trading below $4 just two years ago.
It’s called a cryptocurrency because it uses cryptography to control the creation and transfer of money.
Despite the name, there is no physical coin to speak of, Bitcoin is a completely electronic form of money.
Our concern is strictly with the profit opportunities provided by this new payment phenomenon.