Bitcoin is the first and most popular cryptocurrency
Invented by a person (or persons!) named Satoshi Nakamoto in 2009, Bitcoin is by far the most well-known cryptocurrency in the world today.
Using Bitcoin, people can now transfer money anywhere in the world for cheap without needing to trust any third party. Bitcoin’s history is fascinating, including an unknown inventor, million-dollar pizzas, and lots of lambos.
It was initially built as a peer-to-peer payment system. A way for people to transfer money to one another directly, without the need for a middle-party like a bank, a credit card company or a clearing house. Transactions are verified by network nodes and recorded in a public distributed ledger called the blockchain.
2020 saw the Bitcoin story evolve as more and more people began to use it as a long-term, inflation-proof investment and store of value.
Its value has also begun to behave like gold’s, as investors start treating it as a safe haven – leading to Bitcoin being nicknamed “digital gold”.
Moving forward, millennials are going to be our economy’s decision-makers. Many of them will view Bitcoin the way their parents view gold. Our job is mainly to give them simple, secure access to it.