Bitcoin


There has been a lot of hullabaloo about bitcoin in recent times, but what exactly is it and what does it do? This article will shed light on that.

Invention

Bitcoin was created in 2009 by a group of people going by the name Satoshi Nakamoto. It is a peer-to peer payment system that allows cross-border transactions and is not controlled by any government.

How can you use it?
If you are a person who loves to travel, then bitcoin comes in handy as one can use it to book a hotel using Expedia. One can buy anything using bitcoin be it games, books or machinery among others. You can also pay your bills using it, which sounds all much fun. If you are a person who does business with international companies, then it helps to make your payments cheap as it does not undergo any regulation. For small businesses, bitcoin comes in handy as it does not have credit card fees. You can buy bitcoins as an investment and use it later on when the value is high.

Not every company is excited by this cryptocurrency, but a few companies allow transactions to be done using it such as CheapAir, Overstock, Microsoft and Namecheap among others. In addition, some non-profit organizations accept donations using bitcoins, these companies include; the Wikimedia Foundation, the Internet Archive and the Mozilla Foundation. 

Bitcoin might seem like an interesting invention, since it is not regulated and no one has a control over it, but governments have become skeptical about letting it exist as it is. Bitcoin retains a legitimate presence in countries such as the United States, Canada, Australia and the European Union. However, some countries have taken a stern stand when it comes to bitcoin and have illegalized it in their country. These countries include; China, Bolivia, Russia and Vietnam.
‘Illegality’ of Bitcoin
Every bitcoin transaction is usually recorded, but the identity of the seller or buyer is kept anonymous except their wallet IDs. Since the transactions are kept private, it makes it possible for people to buy illegal goods or engage in illegal activities.
In conclusion, bitcoin raises a lot of questions that will need to be discussed such as its volatility, perceived threat to diverse monetary systems and its decentralized nature. For now, people have adopted a let us see attitude to see what the future will be for bitcoin.







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