Bitcoin

Bitcoin’s are a new currency that was created a few years ago. Because of its popularity it has successfully turned into an entirely new currency that has taken off. Bitcoin is a entirely online currency that was created by an unknown person at the time it was introduced. Investigators have discovered that they were created by a man named Nick Szabo who was going by the alias Satoshi Nakamoto which means Steve Smith in Japanese. Bitcoins are a online currency that can be used at many websites in the place of or payment options. The price of a single bitcoin has altered drastically ranged anywhere from 5 cents to its highest point which was November last year where it was over 1,100 dollars for one Bitcoin. At one point Nick Szabo, who is in possession how about millions Bitcoins, which made him a billionaire at one time, purely from a currency he created. At the moment Bitcoin’s are worth about 450 dollars a piece.

Bitcoin’s are available for use on many different sites that allow the use of bitcoin as payment or in ways of exchange. They can also be used in exchange for many services and some companies take bitcoins as payment. Bitcoins have increased greatly in popularity in the last year and because of it, they have created millionaires and hundreds of very wealthy individuals. The massive spike in bitcoins can almost be entirely attributed to the buying of Bitcoins in China. When the Chinese started buying Bitcoins singlehandedly that caused the price of Bitcoins to almost triple in price. The reason for the increase of buying in China is that the government is encouraging the citizens to buy Bitcoins which is an oddity to most people who look at the situation.

The experts claim that the reason is the Chinese government have realized that the yuan is a currency with many problems involved and that it will never grow in popularity in other nations. They believe the Chinese government see things like Bitcoin as a way to create a rival to the United States dollar bill.  Even still people are still wondering two things, why are the Chinese so interested in Bitcoin, and is Bitcoin just a fad that will wear off or will electronic currency that will take off. Either way right now Bitcoin is a powerhouse on the online market and I see potential in the a currency that is completely online.