From a mere $1 a pop seven years ago, the cryptocurrency has steadily been climbing in value.
For the uninitiated, Bitcoin is a virtual currency created by a mysterious individual who goes by the name Satoshi Nakamoto, though that is most certainly not his actual name. “Nakamoto” introduced his idea for the cryptocurrency in a research paper in 2008, and it was implemented in 2009 as open source code. His reason for creating bitcoin came down to the flaws he saw in the current system banks debasing currency, a lack of privacy and security, banks' predatory lending practices, and the difficulties and expenses with transferring money.
Bitcoin is not actually a coin, but a line of unique code.
And like the dollar bill today, bitcoin has value because people give it value. Like gold, there is a fixed amount of bitcoin that can exist in the world -- 21 million.
Bitcoin runs on blockchain -- a digital ledger that keep tracks of every single transaction made in the bitcoin network. making it especially secure because everything is public and everything is tracked It’s the world’s first open financial network.
As people become increasingly wary of government control over individual assets, bitcoin becomes more and more viable: your own personal bank that no one can touch. Your bitcoin is stored in a wallet. This wallet can be a digital wallet or even a physical one -- wherever you think your unique key -- a long string of numbers that is yours and yours alone will be safest.
If you’re looking to invest in bitcoin, you can do so in three different ways:
For now, the currency’s value lies in what it’s worth – with Bitcoin holders closely watching its value climb, wondering when -- if ever -- to cash out.
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