FACTS ABOUT THE DIGITAL CURRENCIES

The digital currency can be used in any part of the world.

It's worth more than an ounce of gold right now, it's completely digital and it's the currency of choice for the cyberattackers who crippled computer networks around the world in recent days.Bitcoin has a fuzzy history, but it's a type of currency that allows people to buy goods and services and exchange money without involving banks, credit card issuers or other third parties. Here's a brief look at bitcoin....

How bitcoins work?

Bitcoin is a digital currency that is not tied to a bank or government and allows users to spend money anonymously. The coins are created by users who 'mine' them by lending computing power to verify other users' transactions.They receive bitcoins in exchange. The coins also can be bought and sold on exchanges with US dollars and other currencies.

How much is it worth?

One bitcoin recently traded for $1,734.65, according to Coinbase, a company that helps users exchange bitcoins. That makes it more valuable than an ounce of gold, which trades at less than $1,230.The value of bitcoins can swing sharply, though. A year ago, one was worth $457.04, which means that it's nearly quadrupled in the last 12 months. But its price doesn't always go up. A bitcoin's value plunged by 23 percent against the dollar in just a week this past January. It fell bythe same amount again in 10 days during March.

Why bitcoins are popular?

Bitcoins are basically lines of computer code that are digitally signed each time they travel from one owner to the next. Transactions can be made anonymously, making the currency popular with libertarians as well as tech enthusiasts, speculators and criminals.

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Is it really anonymous?
Yes, to a point. Transactions and accounts can be traced, but the account owners aren't necessarily known. However,investigators might be able to track down the owners when bitcoins are converted to regular currency.For now, the three accounts tied to the ransomware attack appear untouched and it'll be difficult for perpetrators to cash in anytime soon without getting traced.