Bitcoin (BTC) - A Decentralized Digital Currency that No One Controls
What is Bitcoin?
Bitcoin is a digital currency and platform that is used for peer-to-peer transactions. Bitcoin has been around since ~2008 and is the first mainstream cryptocurrency. Think of Bitcoin as you would any other currency, such as the United States Dollar or the Euro, only Bitcoin is completely digital (there are no physical coins/dollars) and it is not controlled by any government.
Bitcoin's value is based on peer-to-peer demand, which therefore makes Bitcoin's price equivalent to how much people will pay for it. Therefore, the the more people want and need it, the higher the price will go. The opposite is true as well. If people find that there's no need for Bitcoin in the future, it's value will deplete.
BTC has many advantages to traditional currencies with it's most obvious benefit being that it is not controlled by a government. This is unlike the United States Dollar, which is printed by the U.S. Treasury and controlled by the Federal Reserve. Further, Bitcoin offers users convenience and security. Users can send/receive Bitcoin to anywhere in the world without the restrictions that moving a traditional currency would have. Sending Bitcoin instead of sending Dollars will be faster, cheaper (less fees) and more convenient. Bitcoin is also based on a Blockchain, which records all transactions and provides transparency/security to users. The currency is based on a blockchain, which allows Bitcoin to be decentralized and not controlled by any governing entity.
As you probably know, BTC is by far the most mainstream cryptocurrency on the market. Bitcoin is often referred to as "king" of the crypto market because it makes up a very large percentage of total trading volume and its movements often influence the rest of the market.
History of Bitcoin!
Created by Satoshi Nakamoto, who remains anonymous to the day, Bitcoin's history can be traced back to 2008. In 2009 the Bitcoin network came into existence and since then the coin has grown immensely. By 2011 many altcoins started to emerge in efforts to overtake BTC. These altcoins each offer different advantages to Bitcoin, including faster speeds, more privacy, more security, etc. However, despite several market crashes and the increased competition, Bitcoin has remained the largest cryptocurrency to date. In 2013 Bitcoin's price rose to $1,000 for the first time - just before the currency had its most notorious crash which ran the price back to $300. Nevertheless, Bitcoin has survived many crashes over its years and is currently priced over $10,000. Today, Bitcoin is offered on almost every crypto-exchange in the world and even has a Futures market approved for trading on the CBOE (a major stock exchange based out of Chicago).