Bitcoin

Bitcoin is a Crypto-Currency and a digital payment system invented under the name Satoshi Nakamoto, It was released as open source software in 2009. The transactions take place between users directly, without an intermediary. These transactions are verified by network nodes and recorded in a public Distributed Ledger called a Blockchain. It can be exchanged for other currencies, products, and services.

The Rise

7 Years ago the user named Hanyecz purchased the pizza for Bitcoin worth a mere $30 in 2010, what was possibly the largest transaction of the year, paying up 10,000 bitcoin which was merely 0.003$. Very little did he know that his pizza would cost him over $22million as bitcoin prices peaked over$2400, 7 years down the line.

A single Bitcoin worth more than a ounce of gold, it certainly doesn’t glitter, but that isn’t stopping it from catching the eyes of traders around the world. It is significantly more volatile in pricing than gold, but is also significantly more useful for transactional purposes than gold, It is rare that you can engage in day to day transactions using gold.

It's resurrection has been more gradual than its initial rise. It began bouncing back in mid-2015, and didn't cross the $2,400 threshold until few days. By contrast, its spike in 2013 from $200 to $2,400 only took month or two, It wasn't controlled by a powerful central government, but by a Decentralised network of participants.

Other factor in it's resurrection: the geopolitical turmoil created by Brexit and Donald Trump. Chaos and unrest — particularly drives rich people to panic and look for a safe place to store their money. Gold-standard style investments like bitcoin (or, well, gold) can be pretty attractive to wealthy individuals who worry that currencies backed by governments might become increasingly unreliable when the government is headed by an erratic know-nothing.

Its current price stands at $2446 per coin, due to limited forex and instability of fiat currency such as Naira have forced people to use bitcoins not only for savings but as medium of investments.

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