Over the past few months, a lot has been written about the highs and low of Bitcoin and the other forms of cyptocurrency.

At one stage, the value of a single Bitcoin hit more than $1,000 (£610) at MT. Gox, one of the virtual currency's major exchanges.

However, Bitcoin has been in the news yet again recently after the Tokyo-based exchange centre went offline after it was revealed to have lost around 745,000 Bitcoins – worth more than £200m at the time - because of a major hack which went unnoticed for years. This prompted a huge drop on its value and leaving Bitcoin on the brink of bankruptcy.

Despite the huge press coverage the cyptocurrency, there are still many questions hanging over people's heads about what it actually is and what you can do with it.

In order to help wrap your head around the digital currency, which relies on computers solving mathematic equations as part of a process to verify transactions, the IB Times UK has collected together a comprehensive top 50 facts about Bitcoin to help get you in the know.

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