Image credit: @Pixabay.com
Introduction:
According to FATF's definition, "virtual currency is a digital representation of value that can be traded and function as 1 a medium of exchange; and /or a unit of account; and / (3) a store of value, but does not have a legal tender status". Virtual currency should be distinguished from e-money, defined as " a digital representation of fiat currency". The term digital currency often used interchangeably with virtual currency (FATF 2015, pp.4).
Image credit: @Pixabay.com
Bitcoin was established in 2009 by an unknown person Satoshi Nakamoto. Bitcoin is a peer to peer didgital currency that trades on public exchanges and can be instantly transfered between any two people and anywhere in the world with the speed of an email and at lower cost than for transactions processed through the traditional financial system . Each bitcoin is basically a computer file which is stored in a " digital wallet" app on a smartphone or computer. People can access Bitcoins (or partof one) to your digital wallet, and you can send Bitcoins to other people. Every single transaction is recorded in a public list called blockchain.
Source: @www.bbc.co.uk
Bitcoin market And The Sudden Surge In Price
Bitcoin is another level in the development of online payment market.
Bitcoin has seen a remarkable increase from 30, 000 USD mark for weeks and currently, the virtual currency is now valued at above 34 311. 20 USD
Bitcoin
BTC
$34,311.20
11.87%.
Source: tradingview,coindesk research
Well known names are adding to bitcoin's mainstream appeal. Rick Rieder, the chief investment officer of Fixed Income BlackRock (BLK), said the digital currency could replace gold, payment giant Paypal (PYPL) has embraced bitcoin, after showing reluctance to do so.
Source: New York Times(CNN Business)
Based on the steady price increase of Bitcoin, the virtual currency will record a big success in 2021 and the coming years.
Analyst Timo Emden noted that " the appetite for risk", which is reflected in buying botcoin remain unshakeable.
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