Created over nine years ago, bitcoin attracts the attention of investors and is already accepted as a means of payment in countries like Japan.
Bitcoin is a currency, just like the real or the dollar, but quite different from the examples cited. The first reason is that it is not possible to tinker in the pants pocket and find one forgotten. It does not exist physically, it is totally virtual.
The other reason is that its issuance is not controlled by a Central Bank. It is produced in a decentralized fashion by thousands of computers, held by people who "lend" their machines' ability to create bitcoins and record all transactions made.
In the process of birth of a bitcoin, called "mining", the computers connected to the network compete with each other in solving mathematical problems. Whoever wins, receives a block of the coin.
The difficulty level of the challenges is adjusted by the network so that the currency grows within a limited range, which is up to 21 million units by the year 2140. This limit was set by the coin's creator, a mysterious developer named Satoshi Nakamoto. From time to time, the value of the "miners" reward is also reduced.
When the currency was created in 2009, anyone with the software could "mince", provided they were willing to leave the computer on for days and nights. With the increase in the number of interested, the task of manufacturing bitcoins was only with those who had super machines. The dispute has increased so much that computers have come up with dedicated hardware such as Avalon ASIC.
In addition to mining, it is possible to own bitcoins by buying units in specific exchange houses or by accepting the cryptmoeda when selling things. The virtual coins are stored in a kind of wallet, created when the user registers in the software.
After registration, the person receives a code with letters and numbers, called "address", used in the transactions. When she wants to buy a game, for example, she must provide the seller with such an address. The identities of the buyer and the seller are kept anonymous, but the transaction is registered in the system publicly. The purchase can not be undone.
With bitcoins, it is possible to hire services or acquire things worldwide. The number of companies that accept it is still small, but several countries, such as Russia, are moving to "regulate" the currency. In April of this year, Japan began to accept bitcoins as legal means of payment. It is expected that up to 300,000 establishments in Japan will accept this type of money by the end of the year.
The value of bitcoin follows the rules of the market, that is, the higher the demand, the higher the price. Historically, virtual currency has high volatility. In 2014, it suffered a strong devaluation, but resumed its popularity in the following years.
In the first five months of 2017, interest in bitcoin exploded. On January 1, the currency was traded at just over a thousand dollars. By the end of May, it was worth more than $ 2,400.
Currency enthusiasts say the bullish move should continue with the interest of new fans and greater acceptance. Critics claim that the coin lives a bubble - similar to the 17th Century Tulip Bubble - that is about to burst.!