What is Bitcoin?
Bitcoin is the most widely known and used cryptocurrency. Essentially, Bitcoin, like most other cryptocurrencies are digital ledgers of accounts and the amount of “money” in the accounts. Bitcoin is decentralized, meaning that if everyone except 1 person were to stop using it, the network would stall and be unable to process transactions. This is because the Bitcoin network is ran by it’s users. Miners are paid to find new blocks and confirm transactions. The miners are paid to do this. If you head over to blockchain.info, you’ll see a massive amount of transactions being made every minute. These transactions are confirmed by the miners.
What’s the value of Bitcoin?
Bitcoin’s value fluctuates wildly. The first transaction made with Bitcoin was for two pizzas. The total price paid for the two pizzas was 10,000 Bitcoins. Today that is worth 8,976,000. I hope that was the best pizza the guy ever had!
Bitcoin’s value has been as high as $1,100 USD in early 2017 and as low as $800.