Bitcoin is a digital currency that is used to make payments on the internet. It is recognised as the first decentralized cryptocurrency and does not require a mediator or a gate keeper such as a bank to make transactions. In other words, I can send money to anyone regardless of who he is, where he is located or how much I am sending as long as we are both connected to the Internet. The absence of gatekeeper like banks has made Bitcoin the easiest, cheapest and fastest ways to send money globally.
The most important aspect of this technology is that, there is no central authority; hence no one can unilaterally bring an end to it. This is because it is based on decentralised self regulated network architecture known as the blockchain.
Bitcoin’s whitepaper was first released in 2009 by a pseudonymous fellow named Satoshi Nakamoto thus ushering in a new technology known as bockchain technology- what many believes to be web 3.0. At inception, 1 Bitcoin has a value 0.0001USD. Fast forward 8 years later, December, 2017 Bitcoin’s value has spiked to $19,500 for 1 Bitcoin.The exponential price appreciation of Bitcoin right from inception till date ( YOU CAN ALSO READ: Bitcoin-value-history-dates-and-notes) has left the world in shock as to how such price movement is even possible and more so, the underlying technology behind bitcoin which has the potential to bring a generational shift and radically change the way our society is organised.
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