Bitcoin is a digital currency secured through encryption, which is traded outside the jurisdiction of a central authority. This currency was created in 2009 by an enigmatic person who called himself Satoshi Nakamoto, and the currency 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" currencies.

Back in 2010, the price of Bitcoin was about $0.003 per coin. In October 2017, the price of the currency rose to $4,200 - although this value has experienced 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 has competitors in the form of Ethereum and Bitcoin Cash, along with Litecoin to a lesser extent.