$BTC

What is Bitcoin?

Bitcoin is a cryptographically secure 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, the price of a single Bitcoin was around 0.003 cents. 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.

Commodity or currency?

Bitcoin was originally created as a form of payment, and in some 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 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 is beyond the direct influence of a particular economy, and is not affected by changes in monetary policy........