Bitcoin just hit an all-time high - here's how you buy and sell it

Bitcoin hit a record high of $1,162 on February 23, nearly two months after hitting its previous high of $1,161 on January 5.

A year and a half ago, the idea of buying the virtual currency bitcoin at that price 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.

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.