Hardly a day passes without someone mentioning or asking about what appears to be the latest craze – bitcoin. Colleagues, friends and casual acquaintances all seem to have a tale to tell about how much they’ve made trading the cryptocurrency (as currencies like bitcoin are called) – and they are quick to reproach the sceptics who express any doubts. And these are not just your proverbial shoe polishers or hairdressers. Many of the bitcoin bulls are involved in technology or financial technology (fintech), so they have a good grasp of the arcane concepts behind cryptocurrencies, such as blockchain and mining. There are investment professionals among them too. Granted, there are also pure speculators out there with little knowledge of the concepts but with a desire to make a quick buck (or bitcoin) from trading.

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