Bitcoin is a form of digital currency that is created and held electronically on a computer. Bitcoins are not paper money like dollars, euros, or yen controlled by central banks or monetary authorities. Bitcoin is the first example of a cryptocurrency, which is produced by people and businesses all over the world using advanced computer software that solves mathematical problems.
DLT tracks ownership and allows for immediate and efficient transfers of Bitcoin
Satoshi Nakamoto first proposed Bitcoin in a 2009 white paper as a means of payment based on mathematics. The idea behind Bitcoin was to create a currency system that didn't involve banks and instead would operate using a decentralized ledger known as blockchain.5
Bitcoin's value first surpassed $1,000 in January of 2017 before hitting its peak later that year. Since that time, its value has fluctuated from a little more than $3,000 to more than $16,000.
How Bitcoin Works
Bitcoin is a fixed asset because there are only 21 million coins. Solving the advanced mathematical problems results in the mining of Bitcoins. However, Bitcoin is divisible so the growth potential for the exchange medium is unlimited. One of the most interesting inventions that came alongside Bitcoin is blockchain or distributed ledger technology. DLT has amazing potential when it comes to traditional operations and settlement ramifications for businesses in the financial as well as other industries.DLT tracks ownership and allows for immediate and efficient transfers of Bitcoin
Notable Happenings
Bitcoin's value first surpassed $1,000 in January of 2017 before hitting its peak later that year. Since that time, its value has fluctuated from a little more than $3,000 to more than $16,000.
Alternatives to Bitcoin
Bitcoin is not the only cryptocurrency available, but its market cap is more than twice the value of the next 10 largest cryptocurrencies combined. Bitcoin's market cap was $296.75 billion as of Nov. 13, 2020, followed by Ethereum at $50.99 billion and XRP at $26.8 billion. In all, there are 14 different cryptocurrencies with market caps of at least $1 billion.
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