Bitcoin is a digital asset designed to function as a medium of exchange. It uses cryptography to safeguard its creation and management, rather than relying on traditional centralised authority. Over the course of its history, Bitcoin has seen rapid growth and is now a significant currency both online and in the financial world. And from the mid-2010s onwards, a few businesses agreed to accept bitcoin as well as traditional currencies.
The appearance of bitcoin soon prompted the emergence of rival cryptocurrencies in 2011. Then after a period of rapid growth, during which the bitcoin price hit the $1,000 mark, the price crashed back to $300 in 2013. [Read more…]