Bitcoin is the most popular form of digital cryptocurrency available, taking up 47 percent of the digital market alone. Bitcoin is basically digital money, used for online transactions with no bank involvement. No banks mean that there’s no need to give out your personal information or to pay an extra transaction fee. Bitcoin is also popular because it’s kind of ideal for international transactions, since the currency is not tied and regulated by any country.
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Bitcoin is currently valued at $2,483, an all time record. The currency was introduced in 2009 by an unknown developer and has faced a lot of ups and downs when it comes to its value, having a worth of $1,000 back in 2013 and then plummeting and losing its value for no explainable reason.
The growing interest in Bitcoin has helped out other forms of digital currency as well, like Ethereum and Ripple. Market watchers and analysts don’t know how why there’s such an interest in digital currency, but they speculate that economical instability from countries like Russia, Nigeria and South Korea have something to do with it.
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A recent article was published on Marketwatch claiming that if you’d invested $1,000 on Bitcoin during July 2010, your investment would now be worth around $35m. If only.
If you’re still lost on what Bitcoin and digital currency are (understandable), watch this video that explains things further. We’ll probably need to know all of this information in the near future.