What is Bitcoin?
Bitcoin is a new currency that was created in 2009 by an unknown person using the alias Satoshi Nakamoto and released as open-source software. It is a cryptocurrency and worldwide payment system. It is the first decentralized digital currency .
Transactions are made with no middle men – meaning, no banks! The price of bitcoin skyrocketed into the thousands in 2017.
With the help of bitcoins, international payments are easy and cheap because they are not tied to any country or subject to regulation.
Some people just buy bitcoins as an investment, hoping that they’ll go up in value.
Why bitcoins in demand?
Future in question
No one knows what will become of bitcoin. It is mostly unregulated, but some countries like Japan, China and Australia have begun weighing regulations. Governments are concerned about taxation and their lack of control over the currency.