Oni Chan AJ 09
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What is Bitcoin and how does it work?
Bitcoin is the first decentralized digital currency. It was created in 2009 by a mysterious person who called himself Satoshi Nakamoto. It can be sent from one person to another via the Bitcoin network in a peer-to-peer manner without the need for a third party (an intermediary such as a bank). Using encryption and recorded in a distributed ledger called the blockchain, Bitcoin is created as a reward for a process known as mining.
Is BTC a commodity or a currency?
Bitcoin was initially created as a method of payment, and in some specific cases it works exactly as intended. However, it lacks widespread adoption, in addition to being currently experiencing significant volatility to be considered a true alternative to paper currency: sellers need to constantly review their prices to deal with fluctuating movements in its value.
This means that Bitcoin is primarily used as an investment similar to gold and other precious metals, rather than a traditional currency. Like commodities, the currency goes beyond the direct influence of a particular economy, and is not significantly affected by changes in monetary policy.
Write in your comments about your opinion on the huge rise in this currency and what the market might do in this period.
$BTC
Bitcoin is the first decentralized digital currency. It was created in 2009 by a mysterious person who called himself Satoshi Nakamoto. It can be sent from one person to another via the Bitcoin network in a peer-to-peer manner without the need for a third party (an intermediary such as a bank). Using encryption and recorded in a distributed ledger called the blockchain, Bitcoin is created as a reward for a process known as mining.
Is BTC a commodity or a currency?
Bitcoin was initially created as a method of payment, and in some specific cases it works exactly as intended. However, it lacks widespread adoption, in addition to being currently experiencing significant volatility to be considered a true alternative to paper currency: sellers need to constantly review their prices to deal with fluctuating movements in its value.
This means that Bitcoin is primarily used as an investment similar to gold and other precious metals, rather than a traditional currency. Like commodities, the currency goes beyond the direct influence of a particular economy, and is not significantly affected by changes in monetary policy.
Write in your comments about your opinion on the huge rise in this currency and what the market might do in this period.
$BTC
Disclaimer: Includes third-party opinions. No financial advice. May include sponsored content. See T&Cs.
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