Brief Explination about Virtual Currency
Before 2009 in the financial world, there were only fiat currencies such as the dollar, euro, peso, yen, or British pound, but everything changed with the arrival of BITCOIN. By that date, more than a decade ago, financial systems needed to be renewed to stop being controlled by a central authority that absorbed them with taxes. Faced with this such financial demand, a person or company named Satoshi Nakamoto created the first decentralized currency he called Bitcoin.
At first, Bitcoin was part of a free protocol that did not have a clear future, but its popularity grew with time. The decentralized currency is most attractive because it was not controlled by the bank, which allowed transactions without taxes. Another attractive factor is that Bitcoin does not require a bank account exposed to personal data, but its transactions are anonymous.
How does Bitcoin work?
BITCOIN works through a chain of blocks or Blockchain linked to a ledger where transaction data is stored. All people in the world have access to these records, which shows the transparency of cryptocurrency. Bitcoin is not backed by a company or bank but is a free virtual currency protected by a huge amount of money distributed globally.
This cryptocurrency has also broken limits in international transactions because it can be used globally at the same price. Based on Satoshi Nakamoto's protocol with Bitcoin, at least 1000 cryptocurrencies were launched more than 10 years ago.
Bitcoin price
When BITCOIN came to light as the virtual currency that would change the financial market, its value did not reach more than a penny on the dollar. But with the boom it had in the years after its launch, it has reached an almost unimaginable value.
The first rise in the price of Bitcoin was in February 2011, when it went from being worth a few cents to 1 dollar. Eventually, the value of the cryptocurrency increased to $ 1,000 in 2017.
As the buying and selling of Bitcoin became more popular with economists, businesses, and tech-savvy people, the currency's price rose. Bitcoin quickly became worth $ 10,944 in 2020, representing its historical maximum in price, but that would not be its limit because, before the end of the year, it is trading at more than $ 50,000.
Bitcoin went from being an ignored virtual currency to being a priority in several countries, companies, and its technology has served to develop new technologies.
