Not a lot of people are familiar with the concept of Bitcoin. In fact, it can get to be a tedious task even for professionals like cryptographers to be able to wrap their heads around this term. For those who are wondering what it really means, Bitcoin is the first decentralized digital currency that was invented by Satoshi Nakamoto back in 2008; to enable direct transaction without an intermediary. It is a simple, peer – to – peer system wherein the transactions are verified through the network nodes. It is often regarded as the first cryptocurrency of the world. It is the largest of its kind in terms of total market value.
Like mentioned previously, the majority of us are either unaware or choose not to accept the existence of such a decentralized system. The subsequent unpopularity of Bitcoin is partially due to the fact that you won’t find the establishment of cryptocurrency at many places. For an ordinary citizen like you, it may get slightly tedious to actually search for a restaurant of a cabbie who accepts Bitcoin as payment because there are literally none, and if there exist any one, it is not considered reliable.
Just a few highly-ranked professionals such as entrepreneurs, crypto-geeks and to a certain extent, economists are truly a part of the Bitcoin community. The possibility of the U.S. government banning this form of currency is haunting the minds of this little community.
A gradual change can be observed over a span of last two years. After the venture capitalists revealed their interest of making use of Bitcoin into their startups; there has been a noteworthy rise, but that’s quite slow. Moreover, China’s undivided interest further added Bitcoin’s value to over $1,000. This was great news for the small community that was already engaged in the systematic use of Bitcoin. Crypto-geeks turned multimillionaires overnight and Bitcoin began to be used even by a number of well – established businesses.