#BinanceMegadropSolv What is Bitcoin?

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, the price of a Bitcoin was 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.

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 circulation and is currently experiencing significant fluctuations to be considered a real alternative to paper currency: sellers need to constantly review their prices to deal with fluctuating movements in its value.