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Other fans point to the growth in novel cryptocurrencies. Because of bitcoins maturity, and its particular focus on finance, if you want to get some Ether, a few Filecoins or any other cryptocurrency, its generally easiest to purchase bitcoin together with your conventional currency and then exchange bitcoin for the cryptocurrency of your choice.

Then theres the bubble argument. There, individuals argue that the vast majority of the purchase price rise is due simply to people buying bitcoin in the expectation they can sell it later for a profit. A classic speculative bubble, some individuals will create a lot of money while some are going to eliminate everything. .

Few could argue that there isnt a lot of speculation in the cryptocurrency marketplace. There are commercials on the London underground, and around Instagram and Facebook, encouraging audiences to invest in cryptocurrencies and, judging by the amount of money flowing in to the ecosystem, a lot of people are taking up the deal. .

At some point, those people will get flighty and try to cash out their gains. If enough do at once, the price of bitcoin will take this kind of fall that it is going to prompt a run and well see the timeless crash.

But the actual question is not if that will happen, but when and how big the crash is. Three days now, bitcoin has had boom-and-bust cycles which have seen enormous amounts of worth ruined, but have left the currency valued higher than it had been before the previous boom began.

After the crash that followed, one coin was worth $120.) Its not a smooth ride up, but that doesnt mean its a total bubble. .

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Since the bitcoin network has grown, its hit problems. For dull, technical reasons, the network as it was initially designed struggles to manage the amount of traffic that flows through these days, leaving substantial delays in the amount of time that it takes for a transaction to be confirmed.

In a normal, centralised, business, which wouldnt be an issue: simply update the software and continue on. However, a bitcoin upgrade requires convincing every single miner to accept the new applications differently, the miners who carry on running the older version are effectively running a completely different currency from people who have upgraded. .

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This can be known as a hard fork, and for the first six decades of bitcoins life, it was the nightmare each programmer tried to avoid. But recently, divisions among the community have become so fractious that numerous hard forks have happened, all around how to address this traffic slowdown.

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With names like Bitcoin Classic, Bitcoin Unlimited, and Bitcoin Gold, each claims that it is the genuine heir to the original vision but with each branch, the playing field becomes more crowded.

Nothing is destroyed with each fork: if you had 100 bitcoin before Bitcoin Cash split , following the split you still had 100 bitcoin and you'd 100 Bitcoin Cash. But with each branch, the playing field becomes more crowded, more confusing for newcomers, and Ethereum Blockchain the total reputation for (relative) stability becomes more eroded.

It varies considerably. Some, like JP Morgan Chase mind, Jamie Dimon, are really dismissive of the whole thing, arguing that the very properties of bitcoin that make it so appealing as a form of electronic gold are why its doomed to remain a niche prospect. For Dimon and co workers, the volatility of its exchange rate, absence of any economic oversight to control monetary policy and absence of assistance from major nation states mean bitcoin cant ever truly replace pounds and dollars and is therefore a failure. .

Few disagree with that conclusion, but a few bankers point to other advantages of the technology. The blockchain concept, they say, might be useful in conventional banking too. Forget bitcoin itself and focus instead on the value of a dispersed ledger. What if all the major banks substituted with their normal book-keeping with one mutual, but still shut, database Might that help cut down on fraud and ensure a more level playing field.

And then, of course, there are the advantages of bitcoin that conventional banking cant hope to compete - and doesnt want to. Can a shadow currency exist only on the back of drug dealing and cybercrime Quite possibly: Both are big businesses, and neither shows any sign of going away. .

Craig Wright, who promised to become Satoshi Nakamoto, the elusive bitcoin inventor. Photograph: Mark Harrison/PA

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Hes still a puzzle. The pseudonymous founder of bitcoin, Nakamoto looked out of nowhere in 2008 when he published the white paper that clarified his proposed digital currency would get the job done. While he was busy in the online community around bitcoin for its first couple of years of the currencies life, he posted less and less, making his final ever post on 12 December 2010. .