Bitcoin Briefly Explained

Bitcoin is the first and most well-known cryptocurrency, created in 2009. Cryptocurrencies are digital or virtual tokens that use cryptography to secure their transactions and to control the creation of new units. Bitcoin is decentralized, meaning it is not subject to government or financial institution control. When someone sends bitcoin to another person, the transaction is verified by a network of computers and then recorded in a public distributed ledger called a blockchain. The holder of bitcoin can then use it to buy goods and services, or exchange it for other currencies. 

Bitcoin has seen impressive growth since its launch, with its value rising from less than $1 to over $20,000 in 2017. While the value of bitcoin has fluctuated since then, it remains one of the most popular and valuable cryptocurrencies. Bitcoin matters because it offers a new way of conducting financial transactions that is not subject to government or financial institution control. It is also a valuable store of value and has demonstrated impressive growth over its short history. As cryptocurrencies become more mainstream, bitcoin is likely to continue to matter for both individuals and businesses alike.