What is Bitcoin?$BTC
Bitcoin is a digital currency secured through encryption, which is transacted outside the control of a central authority. This currency was created in 2009 by a mysterious 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" (paper) currencies.
Going back to 2010, the price of Bitcoin was around 0.003 cents per coin. In October 2017, the price of the currency rose to 4200 US dollars - 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 faces competition 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 payment method, and in some specific cases, it operates exactly as intended. However, it lacks widespread adoption, in addition to experiencing significant volatility at this time, making it difficult to consider it a true alternative to paper currency: sellers need to constantly review their prices to cope with the swinging movements in its value.
Bitcoin is a digital currency secured through encryption, which is transacted outside the control of a central authority. This currency was created in 2009 by a mysterious 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" (paper) currencies.
Going back to 2010, the price of Bitcoin was around 0.003 cents per coin. In October 2017, the price of the currency rose to 4200 US dollars - 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 faces competition 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 payment method, and in some specific cases, it operates exactly as intended. However, it lacks widespread adoption, in addition to experiencing significant volatility at this time, making it difficult to consider it a true alternative to paper currency: sellers need to constantly review their prices to cope with the swinging movements in its value.
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