Bitcoin – The Past, Present and Future

Since the inception of Bitcoin in 2009, cryptocurrencies have evolved into a universe of their own, with their own tokens, projects, platforms and communities. However, it all started with the idea of creating a digital currency that no financial institution could control. What is Bitcoin? Bitcoin is the most popular digital currency or cryptocurrency founded by someone named Satoshi Nakamoto in 2008. Nakamoto designed Bitcoin as a peer-to-peer electronic cash system in a decentralized environment. The potential of this system was only realized later when traditional banking systems became rigged to benefit the investors rather than the users. Bitcoin is created through a process of Bitcoin mining which requires specialized mining hardware and software. Mining is a process of solving complex computations and registering transactions to create new blocks on the blockchain. Blockchain is a public digital ledger where every cryptocurrency transaction is recorded. The present While the new era of digital currencies a decade ago was considered to be a futile investment, the risk-takers back then are rewarded today. Starting from the low price of a few cents, Bitcoin today is priced at $42.223 and reached the highest of around $70,000 earlier this year. Bitcoin has become a name synonymous with cryptocurrencies and is used for various purposes all around the world. Moreover, in an exciting turn of events, El Salvador recently became...