To bring you the best content on our sites and applications, Meredith partners with third party advertisers to serve digital ads, including personalized digital ads. Those advertisers use tracking technologies to collect information about your activity on our sites and applications and across the Internet and your other apps and devices. Bitcoin is a new digital currency that is open source, distributed, and has no central issuing authority. It number bitcoin users not backed by anything physical, like gold, yet it has been designed so that only a fixed number of bitcoins can ever be created.
Bitcoins and bitcoin transactions are protected from counterfeiting and double spending by strong cryptography. Being a very young money, bitcoin does not have a very stable value. As you can see on the logarithmic chart below, one bitcoin is now worth 100s of times what it was worth two years ago, and 10s of times what it was worth one year ago. This is because while the number of bitcoins is growing quite slowly, the number of users, and the number of transactions using bitcoins, is growing rapidly, causing demand to outstrip supply. Because it is a young currency, bitcoin has had various “teething” problems, and some of these have caused wild swings in value.