What is Bitcoin? Bitcoin is a crucial part of blockchain and understanding it uses now and in the future. Bitcoin a cryptocurrency, a cryptocurrency is essential like normal currency except it’s all digital and uses encryption to secure financial transactions. It benefits are that it’s pretty much untraceable and can be very easily exchanged. It’s downsides however is pretty great. The major flaw that all but halted any progress was duplication. With most cryptocurrencies, there is nothing stopping a person from simply command+C and command+V ing the currency. That’s where blockchain comes in, with blockchain the digital ledger comes in and makes direct duplication completely impossible. With this new found security the currency of bitcoin skyrocketed in popularity and use, at one point is 2018 1 bitcoin was worth nearly 20 grand in USD. The rise of bitcoin is important for the financial world as it is the first time since the abolition of the gold standard were a commodity currency has had any ground. It is also important as it’s the first real innovation is currency in a long time. For all of those reasons,s many speculators are calling cryptocurrencies like bitcoin, Ethereum, and Ripple the currencies of the 21st century.
Sources: https://en.wikipedia.org/wiki/Cryptocurrency, https://en.wikipedia.org/wiki/History_of_bitcoin, https://www.marketwatch.com/story/why-it-matters-if-bitcoin-is-a-currency-or-a-commodity-2017-12-13, https://www.ccn.com/sdr-digital-currency-basket-bring-stability-universal-application-cryptocurrencies
