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Winklevoss twins try to buy up bitcoin market

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Adam Hunger/Reuters

(Read caption) Cameron and Tyler Winklevoss pose at the Head of the Charles Regatta in Boston in this 2010 photo. The Winklevoss twins are expected to walk away with between $250 million and $350 million when Facebook goes public.

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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. 

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