Unless you are living under rock for past some months, you have heard the popular term bitcoin—and you also have probably heard how the price skyrocketed in 2017 and dropped in 2018. Bitcoin is the digital currency created in the year 2009. This currency is accepted by more than 100,000 retailers (though not any big names), and transactions are anonymously made, bypassing the banking institutions as well as governments. However, most of this hype is from the investors who have watched its value surge from $1,000 every coin to $20,000 every digital coin—and down to $11,000 in matter of some days.
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Some people think that bitcoin is one get-rich-quick system. What does this mean for you & your investments? Are they or other cryptocurrencies next big thing, or they are just passing out investing fad that you want to be clear of?
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Bitcoin is a widely-known kind of digital currency or cryptocurrency. There are not any bills to print and coins to mint. It is all on the internet by using complex computing or coding. Just like gold, the bitcoins are worth in value what people are keen to pay and exchange for it.
There are at present thousand other cryptocurrencies that are floating across the internet, and all play off bitcoin’s concept of the anonymous & nation-less digital money. Some others include Ripple, Ethereum, and Bitcoin Cash, different currency despite the namesake. But, none are widely accepted as the prototype bitcoin.