Bitcoin: What Is It and How Does it Work?

Filed under:

Knowledge Base

For sure, by now, you must have heard of cryptocurrency, particularly Bitcoin. Created by an anonymous crypto architect dubbed Satoshi Nakamoto, this modern digital currency is slowly taking over the world.

Created in 2009, Bitcoin enjoyed a monopoly for a very short period before the market got swarmed by several currencies coming up to this very date. However, not all cryptocurrency makes it out of the murky waters; that is the digital space. Nonetheless, those that have made their way into the ever-competitive digital space for sure leave a mark.

So what could 5,000 Bitcoins get you? Probably, you could grab yourself a couple of pizzas, right? Ten years ago, this could be possible since the coin value was still very low.

Right now, with that many coins in your digital wallet, you can easily buy yourself a private jet and a good apartment.

The Bitcoin value experienced a surge in 2017 and immediately moved from being obscurity right into being recognized by the mainstream platform. Thanks to the recognition by top brands, the coin has steadily been experiencing a rise in value.

Ever since the surge, many people have been interested in the cryptocurrency idea leading many to invest and use Bitcoin more. Bitcoin gambling platforms have cropped up and are becoming a favorite to many.

Unfortunately, after the 2017 boom, the value of Bitcoin and all other cryptocurrencies fell drastically by over 65% in 2018. This unprecedented plunge in value brought another heated debate on the volatility and stability of Bitcoin, including all other cryptocurrencies as a reliable form of currency.

Since the cryptocurrency space is still quite new, there are some gray areas that still haven’t been explored, and no single person can claim complete knowledge of it. The vast majority of the experts are clueless when it comes to the finer details and intricacies of the cryptocurrency market. However, this infographic should point you in the right direction as you explore the world of Bitcoin and cryptocurrency.