Bitcoin Finally Hits $11,000 After It Was Valued For Few Cents

Bitcoin is a form of digital currency, created and held electronically. No one controls it. Bitcoins aren’t printed, like dollars or euros. Bitcoin can be used to buy things electronically. In that sense, it’s like conventional dollars, euros, or yen, which are also traded digitally.


However, bitcoin’s most important characteristic, and the thing that makes it different to conventional money, is that it is decentralized . No single institution controls the bitcoin network. This puts some people at ease, because it means that a large bank can’t control their money.
Bitcoin, which was valued at just a few US cents when it was launched , has no legal exchange rate, no central bank backing it and is traded on specialist platforms . In January, one Bitcoin cost about $700 (€589). Now it's reached $11,000.

The breakthrough is the latest in a spectacular run for the online money dubbed “ digital gold ” by its advocates , which began life in 2009 as a bit of encrypted software supposedly written by an unknown coder with a Japanese-sounding name.
Some countries have been trying to kill cryptocurrencies. China, for example, recently banned ICOs (initial coin offerings) — i.e. the sale of newly minted Bitcoins or other digital tokens.
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Guys, what do you think?
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Edited by: Endy Edeson
Photo News Editor: Endy Edeson
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FACEBOOK COMMENTS

Browayson John Annagu and 1 other

Browayson John Annagu

Bitcoin is here to stay, no nation can kill it, cos its the future.

1 ·

Endy Edeson

John, JP Morgan and other countries are against it but it is growing rapidly. Do you use bitcoin?

Browayson John Annagu

I have the interest to delve into it Endy.. I have an account already

2 ·

Endy Edeson

Okay. That's cool.

1 · 

Browayson John Annagu

Yep, thanks man.