The Pioneer

The Pioneer

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Chibueze Nnodim, News Editor

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According to CNN, Bitcoin is a new form of currency created in 2009 by a person using the alias Satoshi Nakamoto. Bitcoin seems illegal because it is its own currency not backed by the US federal Reserve and uses no banks. There is a lot of scepticism from currency and trade experts on the popular currency. Many sceptics believe Bitcoin won’t last in the unstable global market. This factor becomes a bigger issue when international trading occurs because Bitcoin is currently subjected to United States ecommerce only.

Bitcoin transactions are confirmed by mining, when transactions are verified and added into a general ledger. This ledger is known as the Blockchain, and is the means of which new Bitcoins are released for trade. They use powerful computers to help calculate math problems for which employees compete to earn rewards.

When transactions do not require banks, it makes life a bit easier, technically everyone owns Bitcoin because it is decentralized money. This keeps the system secure by creating incentives for employees to maintain the network Bitcoins especially helpful because it has multiple ledgers created and shared between distributors. .

It was reported that the price of 1 Bitcoin was around $.06 when it launched in 2009, today it has almost reached $20k. This shows the value and rate of inflation that is placed on Bitcoins in the market.

Bitcoins cannot be stolen, only the owner of the private Bitcoin wallet key has access to it. It is divisible into 10 million small bits, and easy to transport using a flash drive or hold it on any device.

Bitcoin has no direct route in replacing currencies, as of now it holds its spot as the 6th largest currency system in the world meaning that one Bitcoin will be one Bitcoin everywhere in the world.

It cost the same amount of money to send one trillion dollars worth of Bitcoins as it does to send $1.00 worth of Bitcoins so no matter the exchange, the cost of exchange is the same.

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