Bitcoin is a new form of currency, specifically a form of digital currency. It can be mined, held, bought and sold. Bitcoin is based on a technology called the blockchain, which makes it decentralized unlike banks. Bitcoin is a type of cryptocurrency that uses encryption to keep transactions secure and to manage the creation of new bitcoins.
Why is bitcoin so expensive?
Many people believe the the adoption of cryptocurrencies in general is pushing up the price. The rise of “Exchanges” such as Coinbase makes it possible for the average Joe to trade Crypto (at a cost of course).
The fall of some of the traditional currencies around the world has also pushed regular citizens towards online currency. Many people are choosing bitcoin simply because they can no longer trust the banks and governments to look after the economy, as Bitcoin has no central “management” no country or government really has any control over the new digital currencies.
How do I get bitcoin?
Bitcoin has be obtained in a number of different ways. The most popular way is to purchase Bitcoin from exchanges but can also be sold for goods and services.
Where did bitcoin come from?
Bitcoin was invented by a individual/ group named Satoshi Nakamoto. The goal was to create a decentralised currency system with no central authority, presumably to take away the power from the politicians and banks. After setting up the currency and getting the technology up and running the source code and general running of Bitcoin was handed over to the Bitcoin community.