Like the Tulip Mania of the early 17th century and countless other speculative economic bubbles, Bitcoin underwent a major correction last week after reaching an astounding 19,850 US dollars earlier in December of last year. But what really is Bitcoin? And why is it the talk of the town?
What is Bitcoin?
It would be fair to say that most people are left bewildered by the very concept of digital currencies, primarily because it involves understanding a new tech-savvy paradigm. However, it is a foundational level, cryptocurrencies as they are dubbed are not altogether very different from the idea of such type of tangible money.
The original cryptocurrency has been a lot in the news lately but what is it and do digital currencies have a future?