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Mon 23 Jun 2014 03:37 PM

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The rise of bitcoin

Bitcoin uses peer-to-peer technology to operate with no central authority or banks - managing transactions and the issuing of bitcoins is carried out collectively by the network

The rise of bitcoin
This May 1, 2014 photo taken in Washington, DC shows bitcoin medals. Bitcoin uses peer-to-peer technology to operate with no central authority or banks; managing transactions and the issuing of bitcoins is carried out collectively by the network. (AFP/Getty Images)
The rise of bitcoin
A Israeli man buys Bitcoins at the first Bitcoin ATM machine installed in the Middle East on June 11, 2014 at the Town-House TLV hotel in the Mediterranean coastal city of Tel Aviv. Bitcoin is a form of cryptography-based e-money that can be stored either virtually or on a user's hard drive, and offers a largely anonymous payment system. (AFP/Getty Images)
The rise of bitcoin
This picture taken on June 20, 2014, shows a man placing his phone next to a Bitcoins (virtual currency) dispenser at La Maison du Bitcoin in Paris. (AFP/Getty Images)
The rise of bitcoin
This picture taken on June 20, 2014, shows a man taking a receipt from a Bitcoins (virtual currency) dispenser at La Maison du Bitcoin in Paris. (AFP/Getty Images)
The rise of bitcoin
This June 17, 2014 photo taken in Washington, DC shows bitcoin medals. Bitcoin uses peer-to-peer technology to operate with no central authority or banks; managing transactions and the issuing of bitcoins is carried out collectively by the network. (AFP/Getty Images)
The rise of bitcoin
A Israeli man buys Bitcoins at the first Bitcoin ATM machine installed in the Middle East on June 11, 2014 at the Town-House TLV hotel in the Mediterranean coastal city of Tel Aviv. Bitcoin is a form of cryptography-based e-money that can be stored either virtually or on a user's hard drive, and offers a largely anonymous payment system. (AFP/Getty Images)
The rise of bitcoin
Henry Chavez of Nevada uses a newly-installed Robocoin ATM that accepts Bitcoin at the D Las Vegas on May 24, 2014 in Las Vegas, Nevada. The machine, the first Bitcoin ATM ever placed in a casino, allows customers to exchange Bitcoin into cash and vice versa. The D began accepting the digital currency in January for nongaming transactions. (Getty Images)
The rise of bitcoin
The display screen of a Robocoin ATM that accepts Bitcoin at the D Las Vegas is shown on May 24, 2014 in Las Vegas, Nevada. The machine, the first Bitcoin ATM ever placed in a casino, allows customers to exchange Bitcoin into cash and vice versa. The D began accepting the digital currency in January for nongaming transactions. (Getty Images)