The Wonderful World Of Bitcoin Essay

1333 Words Oct 15th, 2016 6 Pages
The Wonderful World of Bitcoin
Currency is a type of money, a medium of exchange often given in order to obtain goods and services. Dating back to the 8th century, the oldest form of currency is the British pound, and the newest is the South Sudanese pound which was sanctioned in 2011. There are 180 different types of currency in circulation today, and many countries use more than one. From the Euro to Japanese yen to the U.S. dollar, each form of currency has something that sets it apart from the rest – this is usually its value, but currencies can also vary physically, being metal coins, paper, cotton, and polymer bank notes. Yet, not all currencies are under the purview of this extensive list. Those currencies that are private, alternative and virtual are not considered “circulating” despite being used by their respective governments or entities. One of those non-circulating currencies is the Bitcoin.
Bitcoin is a decentralized digital currency. More specifically it is a cryptocurrency, where the regulation of the generation of currency units and transfer verification are achieved using encryption techniques. It has no specific affiliation to a particular nation or government and has been described as “cash for the internet.” Bitcoin was created in 2009, and while its exact origin remains unknown, it is believed to have been developed by an unidentified individual or group of individuals operating under the alias of Satoshi Nakamoto. In fact, the relevancy of bitcoin’s…

More about The Wonderful World Of Bitcoin Essay

Open Document