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Bitcoin is a digital currency and electronic payment system that was created in the year 2009. The digital currency can be used to make purchases. The Bitcoin network is not controlled by any institution, hence, it is decentralized. Most people prefer a decentralized currency because their money will not be controlled by any financial institution.

The Bitcoin software was developed by Satoshi Nakamato. Bitcoin is accepted as a form of payment by thousands of vendors and merchants. Bitcoins are kept in a “digital wallet”; the digital wallet could either be on the individual’s personal computer or on the cloud. Bitcoin transactions occur directly between individuals. It is relatively easy for an individual to setup a Bitcoin address without the need to pay any fee. Bitcoin addresses are not connected to the names of the owners. Thus, the Bitcoin network provides privacy to its users. The Bitcoin network saves every information about all the transactions that have been conducted on the network. This information is saved in the “blockchain”.

Bitcoin transaction charges are minimal and very fast. Bitcoin can be purchased and sold on Bitcoin exchanges such as Coinbase, CoinCorner, BitBargain, BitQuick, and Xapo.

Currently, this digital asset occupies 41.6% of the cryptocurrency market. The market cap of Bitcoin is approximately $40 billion. The chart of the market price of Bitcoin shows that the cryptocurrency has experienced a general increase since it was created. The success of Bitcoin has resulted in the development of hundreds of cryptocurrencies. The continuous improvement of the Bitcoin blockchain has changed different markets.

The Bitcoin network has constantly experienced an increase in trading volume as well as total gains. The increase in trading volume has resulted in some difficulties in the Bitcoin blockchain. However, software developers are constantly working towards boosting the scalability of the Bitcoin trading network.