Instant Alert: We bought and sold bitcoin — here's how it works

MANAGE SUBSCRIPTIONS   |   UNSUBSCRIBE   |   VIEW ONLINE   We bought and sold bitcoin — here's how it works by Chris Weller on May 2, 2017, 11:48 AM Advertisement A year and a half ago, the idea of buying the virtual currency bitcoin was laughable. After a rapid rise in value in 2013, the cryptocurrency's value more than halved by mid-2015. At its lowest point, one bitcoin was equal to about $230. But now Bitcoin is at an all-time high, and rising. Within the last month, the price of one bitcoin has climbed from $1,280 to around $1,480. Given the currency's covert nature, the average person still may not understand how buying and selling actually works. Using the app Coinbase, which lets anyone trade bitcoins for a small fee, we decided to find out. A brief warning: If you're going to do this, tell your bank you're about to buy bitcoin. More on that later. SEE ALSO: Bitcoin is trying to make a comeback This is what the Coinbase app looks like on an iPhone. When you first open the app, you're presented with the latest price of bitcoin and its change within a certain period. You can see in the chart below how wild the latest moves have been. I happen to be one of the many who have never traded bitcoin before. There's a certain level of wariness in buying into the cryptocurrency world. See the rest of the story at Business Insider   Share the latest business news with your network:    Email sent to:   |   Manage your email preferences   |   Unsubscribe Terms of Service   |   Privacy Policy Business Insider. 150 Fifth Avenue, New York, NY 10011