It’s possible that in the last few years, you’ve stumbled across a person or company that uses bitcoin. But what is it? Bitcoin is an emerging encrypted form of digital money, or cryptocurrency, that’s growing in popularity and value internationally.
Started in 2009, bitcoin is attractive to users and investors because of its immediacy, lack of oversight and anonymity. The only identifier of a bitcoin account is the wallet ID - no names, emails, zip codes or even IP addresses. It can be translated into US dollars either digitally or at bitcoin exchanges around the world.
Bitcoin doesn’t have a supervising body so transactions have no one to review them, no guidelines. Since it’s encrypted, it opens the possibilities for lots of people to interact on the international market with digital money. The upside to that is immediate transfers, no waiting period, and no fees. This is a large selling point for international businesses but, and this is the down side, that’s also a draw for lesser legitimate operations like narcotics and arms dealers.
As bitcoin has gained popularity around the world, investors started funding and trading with companies operating in bitcoin and has since created a bitcoin marketplace, much like the stock market. Bitcoin values rise and fall by the minute and participants are trading values constantly in attempts to maximize their profits.
Full story at http://bit.ly/2jRno5X
Source: Huffington Post
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