But while to most observers Bitcoin may seem to be a new means of online payment it was first introduced in 2008. Satoshi Nakamoto (presumed to be an alias) is credited with being the founder and the person who released the software that could digitally store, send and receive Bitcoins.
What is Bitcoin?
Just like transferring regular money online – Bitcoins are also exchanged virtually, but do not take on any physical form. Another distinctive feature of the cryptocurrency is that they are traded directly between two people. This means it does not go through any external banks or financial institutions and that there isn’t a single entity controlling it. So instead of being stored in a bank account, Bitcoins are kept in a digital wallet located either in the cloud or on your local computer.
Check out the video to discover why the cryptocurrency has been getting so much attention recently – what will it take to go mainstream – and what future holds for Bitcoin.
What are your thoughts? Do you think Bitcoin will be the future of online payments?