There’s been a lot of hype recently about Bitcoin and other types of cryptocurrency. So, are they really the future of money, or just a lot of digital hype?
Since 2017, when its value skyrocketed and turned a bunch lucky folks into overnight millionaires, there’s been a lot of buzz about Bitcoin and other types of cryptocurrencies. Millions of people around the world own some form of cryptocurrency, and entire new industries have sprung up around them. Some believers think that cryptocurrencies could even replace traditional monetary systems. But a good number of skeptics say that this new type of digital cash is just a short-term fad that won’t last long.
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What is Bitcoin?
Bitcoin was the first cryptocurrency, introduced by an anonymous programmer(s) in 2009 (under the alias Satoshi Nakamoto). Like the other cryptocurrencies that followed it, Bitcoin is a peer-to-peer digital cash network that was created to allow users to make financial transactions without the need for a bank or other trusted third party. Transactions are validated autonomously by computers on the network that compete to solve complex math problems. Cryptocurrencies are not tied to any national government or currency, and are therefore largely unregulated. Also, their value is extremely volatile and unpredictable, based entirely on speculation.
What is the blockchain?