What is bitcoin and its prices in the last 5 years

What is Bitcoin

Bitcoin is a form of crypto currency that was created in 2009 by Satoshi Nakamoto. Transactions are made with no middle men — meaning, no banks! Bitcoin can be used to book hotels on Expedia, shop for furniture on Overstock and buy Xbox games. But much of the excitement is about getting rich by trading it. The price of bitcoin skyrocketed into the thousands in 2017 with it now being worth over £44,000 for 1 bitcoin

Bitcoins can be used to purchase merchandise anonymously, In addition, international payments are easy and cheap because bitcoins are not tied to any country or subject to regulation. Small businesses may use this form of currency because there are no credit card fees. Some people buy bitcoins as an investment, hoping that they’ll go up in value.

Many marketplaces called “bitcoin exchanges” allow people to buy or sell bitcoins using different currencies. Coinbase is a leading exchange, along with Bitstamp and Bitfinex. But security can be a concern: bitcoins worth tens of millions of dollars were stolen from Bitfinex when it was hacked in 2016.

People can send bitcoins to each other using mobile apps or their computers. It’s similar to sending cash digitally.

People compete to “mine” bitcoins using computers to solve complex math puzzles. This is how bitcoins are created. Currently, a winner is rewarded with 12.5 bitcoins roughly every 10 minutes.

in the cloud or on a user’s computer. The wallet is a kind of virtual bank account that allows users to send or receive bitcoins, pay for goods or save their money.

What Bitcoin expected to be in the near future

No one knows what will become of bitcoin, It is mostly unregulated, but it is expected to reach $100,000 to as much as $1 million per Bitcoin in 2023 and in March 2019, Novogratz indirectly made yet another prediction, saying Bitcoin would “easily” surpass gold’s then market cap of $7.5 trillion within 10 years.