Bitcoin was the world’s strongest currency in 2010, 2011, 2012 and 2013, outperforming even gold. In 2014 it was the world’s worst performing currency.
Modern societies rely entirely on big intermediaries, such as banks, to establish trust in their economies. Overall, they have done a good job fulfilling their function. However, there are problems that stem from old business models clashing with new technology. Inherent to the old model is centralization, which is buckling under its own weight.
Although it has very little intrinsic value and was originally worth pennies on the dollar, there is major interest in its underlying blockchain technology due to its decentralized and pseudonymous nature.
Bitcoin can be purchased through an online exchange using traditional currency, either whole or in fractions.
In 2009, Bitcoin was anonymously released in the wake of one of the largest financial shocks in history. It is a digital cryptocurrency that is not regulated or issued by any government or private entity.
A digital wallet is needed in order to safely store the Bitcoin due to the possibility of online exchanges being hacked. Private wallets allow users to store Bitcoin and safely create backups on a smartphone or offline.
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