Bitcoin which is a cryptocurrency or also known as a digital currency is a type of money that is
completely virtual. It's like an online version of cash. It was created in 2009 by an unknown person
named Satoshi Nakamoto You can use bitcoin to buy products and services, but not many shops
accept Bitcoin yet and some countries have banned it altogether. However, some companies and
countries are beginning to buy into its growing influence. Each Bitcoin is basically a computer file
which is stored in something called a “wallet” which prevents hackers and scammers from stealing
bitcoin from other people. Every single transaction is recorded in a public list called the blockchain.
This makes it possible to trace the history of Bitcoins to stop people from spending coins they do not
own. Bitcoin is a controversial topic mainly because it is a decentralized currency that is uncontrolled
by any government and it cannot be controlled by a government.
A huge amount of people are against Bitcoin and cryptocurrencies in general due to many factors. A
huge factor revolves around it’s safety. The bitcoin market currently operates with no major
regulations. It isn’t taxed and governments have no clear stance on it. As a result, people believe
that they could be exposed to fraud and malpractice. Hacking is also a big threat facing a bitcoin
investor. Bitcoin exchanges let you buy and sell your cryptos using a mobile app or website.
Although it is rare, people who aren’t well protected can be susceptible to hacking and theft.
Another huge drawback of bitcoin is that refunds can’t be made. This affects users with transaction
frauds. For instance a buyer purchases goods that the seller never delivers and refunds cannot be
made which results in a transaction fraud. Another issue which concerns people is that the price of
bitcoin is also not stable at all. The price is always rippling back and forth. If you happened to buy
bitcoin on December 2017, the price was $20,000. Weeks later, you couldn’t sell your investment
for more than $7,000.
Although bitcoin isn’t perfect, it is still supported by many people and companies around the world.
It is doing better now than it ever did before. In only a month, the price of 1 bitcoin increased appro
30,000$. Huge companies such as Tesla and Paypal are starting to accept bitcoin as payments with
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