What is Bitcoin?
Bitcoin is a digital currency secured by cryptography, operating outside the control of a central authority. This currency was created in 2009 by an enigmatic person who called himself Satoshi Nakamoto, and it was primarily introduced for use in payments that are not subject to government oversight, transaction fees, or delays in transfers - unlike traditional 'fiat' currencies.
Back in 2010, the price of Bitcoin was around $0.003 per coin. In October 2017, the price surged to $4,200 - although this value has seen fluctuations, with swinging and recurring daily movements. At this time, hundreds of other virtual currencies emerged, each with its own advantages and applications. However, few of these currencies hold significant value, but Bitcoin faces competition in the form of Ether and Bitcoin Cash, along with Litecoin to a lesser extent.