Created in 2009, it is a digital currency that is completely decentralized. Facilitates payments by using peer-to-peer technology and can be used on the internet or in brick and mortar stores. It is considered a type of crypto-currency because it uses cryptography for security, making it extremely difficult to counterfeit.
Why Is It Important?Bitcoin has been changing the way people purchase items. However, the only caveat is that the acceptance of Bitcoins is purely voluntary. Bitcoin has been in the news a lot recently due to its highly fluctuating market value in 2013, reaching its peak of $1,200 per coin and then dropping 50% shortly after to $572 per coin after the Chinese Central Bank created regulations regarding the use of Bitcoins. Bitcoin's popularity and value thrives on its growing acceptance. Recently, Overstock.com announced that they would consider accepting Bitcoins in 2014. There's also been some concern that Bitcoin is being used for illegal activities such as gambling because of its unique decentralized market. Overall, Bitcoin has the potential to be a big game changer for some industries and economies. As a result, many governments and companies are keeping a close eye on its development and acceptance. For more information on Bitcoins,
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