When the digital currency Bitcoin came to life in January 2009 it was noticed by almost no one apart from the handful of programmers who followed cryptography discussion groups. Its origins were shadowy it had been conceived the previous year by a still mysterious person or group known only by the alias Satoshi Nakamoto1. And its purpose seemed unknown. Bitcoin was to be a cryptocurrency in which strong encryption algorithms were exploited in a new way to secure transactions. Users identities would be shielded by pseudonyms. Records would be completely decentralized. And no one would be in charge not governments not banks not even Nakamoto.
Yet the idea caught on. Today there are some 14.6 million Bitcoin units in circulation. They have a collective market value of around US $3.4 billion.
Some of this growth is attributable to criminals taking advantage of the anonymity for drug trafficking and worse. But the system is also drawing interest from financial institutions such as JP Morgan Chase which think it could streamline their internal payment processing and cut international transaction costs. It has inspired the creation of some 700 other cryptocurrencies.
Whatever the future holds for Bitcoin and other crypto currencies looks very bright and promising. Everyone should learn as much as they can and use this great technology to the fullest for the rewards could be great.
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