Everything You Need to Know About Bitcoin – Complex

Dollars. Pesos. Yen. Euros. Rupees. These currencies vary based on country of origin and value, but they have common factors: They are all centralized and exist in the physical world, in the forms of notes and coins. Fairly simple to understand.

Then there’s bitcoin: a cryptocurrency powered by blockchain technology that is far less easy to comprehend. Its claim to fame is that it is the world’s first decentralized digital currency—this means it functions without the oversight of a government, central bank, or administrator of any kind. Advocates believe it has the potential to revolutionize the financial industry and skeptics see it as nothing more than a fleeting fad.

Created in 2009, the currency received mainstream recognition in 2017 when the price of bitcoin skyrocketed. Since then, bitcoin earned itself notoriety for its volatile value—spikes and crashes in the world of cryptocurrency are the norm—and the fluctuating bitcoin valuation has had unique outcomes.

Rapper 50 Cent reportedly made $8 million in bitcoin after he let consumers purchase his album Animal Ambition back in 2014 using the currency,

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