Bitcoin (BTC) is a digital currency that was created in 2009 by an unknown person using the name Satoshi Nakamoto. Transactions are made with no middle men – meaning, no banks! Bitcoin can be used to book hotels on Expedia, shop for furniture on Overstock and buy Xbox games. But much of the hype is about getting rich by trading it. The price of bitcoin skyrocketed into the thousands in 2017.
Bitcoins are created as a reward for a process known as mining. They can be exchanged for other currencies, products, and services. As of February 2015, over 100,000 merchants and vendors accepted bitcoin as payment. Bitcoin is a decentralized form of currency, meaning there is no central organization controlling it. Instead, it relies on a network of computers that verify and record all transactions. Bitcoin transactions are irreversible, so once a payment has been sent, it can’t be reversed or canceled.
Overall, bitcoin offers a new and innovative way of transacting without the need for a traditional middleman. It’s still a relatively new concept, but its popularity and adoption continue to grow each year.