The cryptocurrency Bitcoin has been on a steady rise this year, with its value hitting an all-time high of $3,000 in January. Now, it is more than just a hobby for the digital currency–it’s worth more than many traditional assets. Learn about how it has evolved from the beginning to become one of the world’s most popular currencies.
Bitcoin is a digital asset and a payment system invented by Satoshi Nakamoto. Transactions are verified by network nodes through cryptography and recorded in a public dispersed ledger called a blockchain. It is unique in that there are a finite number of them: 21 million.
What is Trending?
The trend in the news is all about how digital asset is booming. As of September 2018, the value of one bitcoin was $13,800 according to CoinMarketCap. That’s an increase of more than 1,400% since January 2017!
What is the Blockchain?
The blockchain is a public ledger of all cryptocurrency transactions. It allows users to securely and transparently track the history of their investment. The blockchain is constantly growing as “completed” blocks are added to it with a new set of recordings. Each block contains a cryptographic hash of the previous block, a timestamp, and transaction data.
Financial Scam or a Breakthrough Economics?
The Bitcoin trend is gaining more and more attention in the financial world, but is it a scam or a breakthrough in economics?
It has been controversial since its inception. Some see it as a fraudulent scheme while others see it as a groundbreaking advance in economic theory. The mainstream adoption of Bitcoin is still unknown, but growth seems to be accelerating. There have been numerous news articles and discussions on the topic over the past few months.
Let’s start with JPMorgan Chase which released a report last month that detailed its concerns with Bitcoin and other cryptocurrencies. They stated that they do not consider them legal tender and that they are not backed by any underlying assets. They also said that they could be vulnerable to price manipulation and fraud.
Who Created Bitcoin?
There is no definitive answer to this question. Multiple sources attribute the invention of Bitcoin to different individuals or groups of people.
Some credit Nakamoto with creating Bitcoin, while other sources suggest that the concept was first conceived by Wei Dai on bitcointalk.org in 2008. In February 2009, Nakamoto released a whitepaper detailing how it works, which has been widely accepted as the founding document of the cryptocurrency.
Regardless of who created Bitcoin, it has become an immensely popular and valuable digital asset. As of October 2017, it was worth over USD 6,000.
Is the Trend Here to Stay?
The price has been on a steady rise for the last few months, with some speculating that the trend may be here to stay. such as global economic conditions or political instability, one thing is for sure: the virtual currency is gaining in popularity.
So what is behind this recent surge in interest? Some believe that cryptocurrencies are becoming more mainstream, with more people looking to invest in them and use them as a form of payment. Additionally, Bitcoin has been receiving a lot of positive media attention lately- something that likely has an impact on its price.
While it’s still too early to say for certain whether the trend will continue, it’s clear that Bitcoin is continuing to make waves. So if you’re curious about this virtual currency and want to learn more about it, be sure to check out our blog section!
Conclusion
Bitcoin has been on a tear lately, with prices reaching new heights and commentators hailing it as the future of digital currency. So what’s behind this bitcoin craze? And is it worth all the hype? In this article, we take a closer look at what bitcoin is and how it works, as well as explore some of the potential risks involved in investing in bitcoins. We hope that by doing so, you will be able to make an informed decision about whether or not bitcoin is right for you.
