Bitcoin digital currency created in January 2009 following the housing market crash. It follows the ideas that whitepaper by the mysterious and pseudonymous Satoshi Nakamoto.1 The identity of the person or persons who created the technology a mystery. Bitcoin offers the promise of lower transaction fees than traditional online payment mechanisms and is operated by a decentralized authority, unlike government-issued currencies.

There physical bitcoins, only balances kept on a public ledger has transparent access to, that – all Bitcoin transactions – is verified by amount of computing power. Bitcoins issued or backed by any banks or governments, nor are individual bitcoins valuable as a commodity. Despite it not being , Bitcoin charts high on popularity, and has triggered the launch of other virtual currencies collectively as Altcoins.

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