Bitcoin is the world’s leading cryptocurrency, invented by the mysterious Satoshi Nakamoto and first introduced in 2009. It was the first cryptocurrency and has since inspired hundreds of others, although none have reached the popularity and widespread use that Bitcoin has.
Bitcoin was founded on the idea of decentralization, meaning that no company or person has control over it. Traditional banks can reverse transactions, freeze accounts, and monitor your spending; when using cryptocurrency, nobody can see or access your Bitcoin funds. And when a transaction is sent, it is anonymous and irreversible.
The term ‘blockchain’ is commonly used in conjunction with Bitcoin. The blockchain is a digital record, or ledger, of every Bitcoin transaction ever made, making it nearly impossible for hackers to steal or counterfeit Bitcoins.
Unlike the US Dollar, Bitcoin is a deflationary currency. Today, there are over 18 billion Bitcoins. By the year 2140, the last Bitcoin will be mined, with a total end supply of 21 million. No more can be created or introduced to the supply after this point, which prevents the outrageous inflation that most modern economies are experiencing.
With a market cap of around 1 trillion dollars (at the time of writing), Bitcoin is valued higher than the stocks of successful companies like Walmart and the Walt Disney Company. Only time can tell if Bitcoin will continue it’s historic rise in value and usage.
