A cryptocurrency is a digital or virtual currency that can be exchanged for other currencies, products, and services. Bitcoin is the most widely used currency among different types of cryptocurrencies. Bitcoin was invented in 2008 by a pseudonymous person or group named Satoshi Nakamoto. Bitcoin does not exist in physical form. Bitcoin is a decentralized network based on blockchain technology. That means it is not controlled by any central bank or administrator. Online transactions are secured by cryptography and recorded in a public distributed ledger called a blockchain.
Satoshi Nakamoto announced bitcoin in a 2008 paper titled “Bitcoin: A Peer-to-Peer Electronic Cash System”. Bitcoin’s price has gone through a cycle of rising and fall since then. The price of bitcoin has just hit nearly $40000 in recent days. BlackRock, a financial institution, are declaring bitcoin a 21st-century version of gold. Many people purchase bitcoin for its investment value rather than as a medium of exchange. But financial experts hold mixed opinions about investing in Bitcoin for its price swings and lack of acceptance. Bitcoin has been also criticized for its use in illegal transactions. Still, many bitcoin investors think that bitcoin will be the future currency.
Rowshon Ara
Intern, Content Writing Department, YSSE
