Bitcoin Boom

Bitcoin is the first decentralized cryptocurrency, meaning it functions only in a digital format without an administrator or central bank. It was invented in 2009 by a person or a group of persons under the alias Satoshi Nakamoto.

Most of the hype of bitcoin is about trading bitcoin to get rich. However, it can also be used to buy products anonymously. Because there is no middleman, it is very easy to make international payments and bypass legal regulations.

People can acquire bitcoins by buying them on an exchange, transferring, and mining. Bitcoin is very versatile as it allows for people to buy or sell bitcoins with different currencies. They can also be sent digitally, and people “mine” bitcoins by solving math problems.

The identities of buyers and sellers are only referred to by their wallet IDs, never their real names. This makes bitcoin appealing to people purchasing suspicious items.

“I think bitcoin is a cool way of having money, but it is shady that bitcoin is not trackable,” said Tim Amos, 12.

On December 17, 2017, one bitcoin cost a little over $20,000. After December 17, the value of one bitcoin remains close to $15,000.

Despite this recent plummet, it is unknown what bitcoin’s future is going to be. Several countries are considering establishing regulations on bitcoin due to concerns over the lack of taxation and supervision.

Bitcoin has changed the lives of many people. Some have become rich. Erik Finman is one of these people. Finman first invested in bitcoin when he was 12, and he made a deal with his parents that he would not need to go to college if he was a millionaire when he turned 18. Currently, Finman owns 403 bitcoins, which are valued at $4.7 million as of January 18, 2018. Due to his investments and the current value of bitcoins, Finman will not be attending college.