But it has no physical counterparts — banknotes or coins that can be carried around, that is, the cryptocurrency exists only in electronic form.
Cryptocurrencies use decentralised technology to let users make secure payments and store money without the need to use their name or go through a bank.
What happened then was that a group of computer programmers got together and thought why do we need the banks, the government or any sort of third party.
People make it sound more complex than it is, but it basically records every single exchange, so it removes human error or any kind of deceit or lies.
“Really there’s no true value of a coin -the value is only based on what demand there is for it.
“A lot of people are out there trying to buy Bitcoin from their wages, but I actually earn it.
“Absolutely.
For the last two years we have been getting a return of anywhere between five and six per cent a week – you wouldn’t even get that a year in the bank.
“I withdraw my money every week into what is called a cryptocurrency wallet; my money is sitting in that wallet, just the same as if you had a wallet in your back pocket, except its online.
But equally as Bitcoin goes down, my profits go down, but I’ll withdraw it quickly into my bank account or something if Bitcoin’s going down.
Look on YouTube, there’s loads of stuff for beginners on cryptocurrencies.