Bitcoin: What is it?
Every day the internet becomes more and more a part of everyday lives. With the internet being so popular, people are starting to take advantage of the amount of inter-web users. One way this has started to occur is with the use of the Bitcoin.
A Bitcoin is an online currency that can be used to make purchases online. It has become the currency of choice for people buying drugs or other illegal things since the transactions cannot be tracked. The Bitcoins are kept in a wallet. No identification is required to have the Bitcoins, and names are not used in transactions, only an alias, making the Bitcoin impossible to track. Anyone can get the wallet for their Bitcoins on a computer or on a cloud. Choosing which form of storage to use is not easy since there are big risks to both. If the person chooses to store their wallet on the computer, they could accidently delete it and lose all of their Bitcoins. If they are hacked with a virus, the Bitcoins could be destroyed and corrupted. If the photos are kept and stored on a cloud, it could be hacked, and the money could be stolen. This risk is especially prevalent because people cannot get a wallet insured since there is no identification on it.
When the Bitcoin started out it in 2011, it was worth less than a dollar. It started as almost nothing in 2009 when it was created by an alias under the name of Satoshi Nakamoto. Now as more people catch on to the trend, the price continues to rise. Bitcoin has over 13 million users compared to almost none in 2009. With so many users and the Bitcoin being so unique, there can’t be a price put on it. The value of the Bitcoin constantly fluctuates, making it a risky thing to invest in. People continue to take part in the Bitcoin trend hoping to make money off it in the end even if it is risky.