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CT: The price of the digital currency bitcoin is up 50% in the past month and 300% in the past year. It hits a new all-time high every few days. At the time of writing, it’s trading at $1,745. Bitcoin is flying, and if you’re a cryptocurrency newbie, you might be wondering why.
There are always multiple explanations for bitcoin price hikes—it’s almost never one single source. Here are four factors contributing to the current wild ride.
S: FinYahoo – https://finance.yahoo.com/news/4-reasons-bitcoin-keeps-hitting-new-highs-194804004.html (last access: 15 May 2017)
N: 1. Early 21st century: from bit (computerese word, 1948 abbreviation coined by U.S. computer pioneer John W. Tukey (1915-2000) of binary digit, probably chosen for its identity with bit (“small piece,” c. 1200) + coin (c. 1300, “a wedge,” from Old French coing (12c.) “a wedge; stamp; piece of money; corner, angle,” from Latin cuneus “a wedge”).
2. The first decentralized electronic currency not controlled by a single organization or government.
3. Bitcoin is the first digital currency that is completely distributed. In essence, that means that it’s managed collectively by a global network of users, so no bank or payment processor is required between buyers and sellers in any transaction.
4. Bitcoins can be used to buy merchandise anonymously. In addition, international payments are easy and cheap because bitcoins are not tied to any country or subject to regulation. Small businesses may like them because there are no credit card fees. Some people just buy bitcoins as an investment, hoping that they’ll go up in value.
S: 1. OD – https://en.oxforddictionaries.com/definition/bitcoin (last access: 15 May 2017); Etymonline – http://www.etymonline.com/index.php?allowed_in_frame=0&search=bit; http://www.etymonline.com/index.php?allowed_in_frame=0&search=coin (last access: 15 May 2017). 2 & 3. TERMIUM PLUS – http://goo.gl/4WKoHf (last access: 15 May 2017). 4. CNN – http://money.cnn.com/infographic/technology/what-is-bitcoin/ (last access: 15 May 2017).
SYN: cryptocurrency (context)
S: GDT – http://www.granddictionnaire.com/ficheOqlf.aspx?Id_Fiche=26527257 (last access: 15 May 2017)
