The Winklevoss twins have bought one percent of all bitcoins, the virtual currency. After a week of peaking and crashing, the bitcoin market seems to have stabilized.
The Winklevoss twins (two major characters Facebook creation story) are back in the news, this time making headlines with their $11 million purchase of one percent of all bitcoins, the virtual currency.
As of Thursday morning, Tyler and Cameron Winklevoss own approximately 108,000 bitcoins. The virtual currency has had a volatile week. Bitcoins were trading for as high as $266 each on Wednesday. However, it crashed that same day and sent the online money plummeting down to $105. It eventually stabilized around $150.
So, what is bitcoin? It’s a virtual currency that was created in 2009 by an anonymous person (or people) under the pseudonym Satoshi Nakamoto. Bitcoins work on a peer-to-peer computer network. They are not backed by any government. They are worth only what people are willing to pay for them.