Bitcoin, the most famous cryptocurrency, has reached a record price of $69,000. Created over 15 years ago by Satoshi Nakamoto, the identity of the founder remains a mystery. Despite its popularity, bitcoin has been linked to illegal activities on the dark web, and has faced high-profile bankruptcies and collapses within the cryptocurrency world.
Despite its controversial reputation, bitcoin has gained some respectability in recent years as US financial regulators approved bitcoin “ETFs” in January, leading to a price surge. El Salvador became the first country to accept bitcoin as legal tender in 2021, although only a small percentage of the population actually use it.
Bitcoin operates on blockchain technology, a secure and unmodifiable virtual ledger. Each transaction is recorded in real time, with bitcoins being created as a reward for solving complex problems. The total number of bitcoins is limited to 21 million, with the next “halving” set for April to further boost their value.
While some investors view bitcoin as a speculative investment, others see it as a legitimate financial asset. The future of bitcoin remains uncertain, with debates over its legitimacy as a global decentralised digital currency ongoing.
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