Bitcoin is a digital or crypto currency that was created in 2009 at the verge of economic and financial collapse of the US market by an unknown person using the alias Satoshi Nakamoto. Transactions are made electronically with no middle men – meaning, no banks. Bitcoins aren’t printed, like dollars or euros; they’re produced by people by using a complex algorithm which is called Mining Bitcoin.
The bitcoin network isn’t controlled by one central authority. Every machine that mines bitcoin and processes transactions makes up a part of the network, and the machines work together. That means that, in theory, one central authority can’t tinker with monetary policy and cause a meltdown – or simply decide to take people’s bitcoins away from them.
The digital currency became so popular mostly because of it's anonymity and it's ease to set up compared to traditional bank accounts.
A Bitcoin account can be set up in minutes or even seconds! No questions are asked or no fees are taken. Users can hold multiple bitcoin addresses, and they aren’t linked to names, addresses, or other personally identifying information.
Experts say the revolution of the cryptocurrency market has changed the narrative of investment globally, as it successfully displaced Coca-Cola with a capitalisation of $195 billion and Boeing’s $175 billion.
The emergence of cryptocurrency in the financial market has continued to post a threat to the conventional legal tenders being used and controlled by the central banks of many nations.
