Bitcoin is a decentralized digital currency that can be used as a means of payment online and in the real world as well.
It existed since 2009 and was developed by an anonymous person in the names of Satoshi Nakamoto and is the first and the most famous cryptocurrency ever.
It is said to have had a flat or literally no value by 2009 and was commonly used for hobby purposes by its fans till 2010 when the first bitcoin market was created. Since then it has struggled to breakthrough up to 2016 and its value has been going higher and higher.
After seven years in existence bitcoin’s price has increased from zero to more than 10,000 dollars and its transaction volume reached more than 260,000 daily transactions by Nov 2017.
Like we have seen before Bitcoin is a decentralized currency which means it is made up of codes that run on a block chain network on the computer and no government or central bank controls it.
Bitcoin is just an electronic payment system. Every individual user of bitcoin is part of bitcoin ecosystem so Bitcoin price is determined by its users under the free market principle of supply and demand.
Bitcoin is the same digital currency across the world no matter what the country’s physical currency. It can be converted into nearly any local currency with no or small transaction fees receiving your payment the next business day.
On top of that you can use your mobile phone to carryout bitcoin transactions by just using a text message at avery small cost.
Bitcoin is limited to 21 Million coins in total and is expected to reach by 2140. The current bitcoin price is around 8013.3 per bitcoin.
To cut the long story short, bitcoin is a currency but in a digital form that appreciates as more people use it since it is limited in its creation.
It is decentralized and no government or central bank has control over it. It is said only 21 Million bitcoins are to be mined and only that will be in circulation.
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