$XRP Bitcoin is a cryptographically secured digital currency that is transacted outside the jurisdiction of a central authority. Created in 2009 by a mysterious person calling himself Satoshi Nakamoto, the currency was originally intended to be used for payments that were not subject to government oversight, transaction fees, or delays in transfers – unlike traditional “fiat” (paper) currencies.

Back in 2010, a bitcoin was worth around 0.003 cents per coin. In October 2017, the price of the currency had risen to $4,200 – although this value has been volatile, with frequent and fluctuating daily movements. In that time, hundreds of other virtual currencies have emerged, each with its own advantages and applications. Few of these currencies are worth much, but Bitcoin has competitors in the form of Ether, Bitcoin Cash, and, to a lesser extent, Litecoin.

Commodity or Currency?

Bitcoin was originally created as a form of payment, and in certain specific cases it works exactly as intended. However, it lacks widespread adoption and is currently too volatile to be considered a true alternative to fiat currency: sellers need to constantly revise their prices to deal with the swings in its value.

This means that it is