What is Bitcoin?$BTC

Bitcoin is a digital currency secured through cryptography, which operates outside the jurisdiction of a central authority. This currency was created in 2009 by an anonymous 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 about 0.003 cents 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 Ether and Bitcoin Cash, as well as Litecoin to a lesser extent.

Commodity or currency?

Bitcoin was initially invented as a method of payment, and in some specific cases, it operates exactly as intended. However, it lacks widespread adoption, in addition to currently experiencing major fluctuations that prevent it from being considered a true alternative to paper currency: sellers need to constantly review their prices to deal with the swinging movements in its value.