What is Bitcoin and how does it work?
Bitcoin is a digital currency secured through cryptography, which operates outside the jurisdiction of a central authority. This currency was created in 2009 by a mysterious person who called himself Satoshi Nakamoto, and it was primarily introduced to be used in payment transactions that are not subject to government oversight, transaction fees, or delays in transfers - unlike traditional "fiat" (paper) currencies.
Back in 2010, the price of Bitcoin was around 0.003 cents per coin. In October 2017, the price of the currency rose to 4,200 US dollars - although this value has seen fluctuations, with swinging and recurring daily movements. At that time, hundreds of other virtual currencies emerged, each with its own advantages and applications. However, few of these currencies hold significant value, but Bitcoin has competitors in the form of Ether and Bitcoin Cash, along with Litecoin to a lesser extent.