What is Bitcoin

Bitcoin is a decentralized digital currency that allows holders to buy, sell and exchange directly without the need for intermediaries such as banks. Bitcoin’s creator, Satoshi Nakamoto, originally described the need for “an electronic payment system based on cryptographic proof rather than trust.”

Every Bitcoin transaction ever made exists on a public ledger that everyone can access, making transactions difficult to reverse and difficult to counterfeit. At the heart of Bitcoin’s decentralized nature is the fact that Bitcoin is not backed by a government or any issuing agency, and nothing guarantees its value other than the evidence at the core of the system.

Since its public release in 2009, the value of Bitcoin has increased dramatically. While it once sold for under $150 per coin, as of June 8, 1 BTC is equivalent to approximately $30,200. With a supply of only 21 million units, many expect its price to only continue to rise over time, especially as more large institutional investors begin to view it as a form of digital gold for hedging purposes Market volatility and inflation. Currently, there are over 19 million coins in circulation.