Bitcoin is trending on social media these past few days and some people are wondering why people are talking so much about this digital coin or asset. Before we delve deep into it, allow me give you an insight of what it really is if you do not know.
Bitcoin or cryptocurrency is a digital asset designed to work as a medium of exchange where in individual coin ownership records are stored in a ledger existing in a form of a computerized database using strong cryptography to secure transaction records to control the creation of additional coins, and to verify the transfer of coin ownership. Unlike normal currencies(paper money), cryptocurrency is a decentralized. This means that there is no organization determining it growth or fall. Investing in cryptocurrency is like investing in a system software which values change at anytime. This is mostly based on the transactions made by holders.
There are about 2000 cryptocurrencies on the markets but bitcoin happens to be like the “King Kong” amongst them all. This digital coin was created in 2009 by a man called Satoshi Nakamoto. His identity(face) is still a mystery to us all.
The value of Bitcoin rose up to 60k dollars just last month and was somewhere at 36k dollars yesterday(19th May, 2020). This is very devastating for holders of such digital assert. But it is worth noting that, Bitcoin is not the only coin falling in value. 98.9 percent of the entire market is falling as well.
Bitcoin today as expected of it has began rising again and sits at 40k dollars per coin. Below is some reactions from people on Twitter about the coin.
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