Bitcoin and cryptocurrencies are the new buzzword today, almost everywhere people talk about bitcoins, especially with the examples where someone made millions in just one or two years by investing intelligently in bitcoins. This definitely creates curiosity among others if it is fair or legal to invest in bitcoins or if it is just a bubble? Say no to plagiarism. Get a Custom Essay on “Why Violent Video Games Should Not Be Banned”?Get the original essay With a market capitalization of over $270 billion, bitcoin gained momentum when its price reached the sum a whopping $16,500 last year. This is not a new concept in fact, Bitcoin has been around since 2009 and initially traded at a very low value, its growth was also linear for a few years but then grew exponentially. It traded around $500 in 2015 and reached $1,000 in 2016, then it broke all records in 2017, when a single bitcoin was valued at $6,500. it is quite fluctuating at the beginning of this year and its current price could be around $14,000. Interestingly, if you had invested just $100 in Bitcoin in 2009, you would now be £3.67 million richer. Bitcoin is not the only digital currency, there are other alternatives like Ethereum, Ripple, Dash, Litecoin and NEO. So let’s understand the basics of Bitcoin. It is a digital currency built on blockchain technology. It is also known as virtual currency or cryptocurrency. It's virtual, so you can't print it, touch it, feel it, or store it. Technically, it is just a sequence of (0s and 1s) stored on some remote computers around the world. Bitcoin works on blockchain technology, Blockchain is considered one of the most secure technologies for storing data in a distributed manner. It creates, stores and manages public, secure and distributed digital transactions. Bitcoin was first introduced in 2009 by an unknown individual or group named “Satoshi Nakamoto”. It was an interesting way to pay for transactions without a third party like a bank. It manages peer to peer transactions without any intermediary. There are no transaction fees and both parties are anonymous. Just like an email address, you create a Bitcoin wallet account and then that address becomes your identity to use for every transaction. Some experts predict that Bitcoin or cryptocurrency is the future of money and will eventually replace all other currencies in the future. Today, many tech-savvy online retailers accept bitcoins. You can order services like web hosting, buy merchandise and even a coffee shop. Many online e-commerce portals accept bitcoin as well as other cryptocurrency options like LiteCoin and Dogecoin. Some well-known companies that accept bitcoin include Virgin Galactic, Overstock.com, TigerDirect, Dish Network, Expedia, Newegg, Directnic, Microsoft, Zynga, Starbucks, and Subway. You may be thinking; why do I need bitcoins If I can buy everything with my credit card? Bitcoin is a new form of currency and is growing exponentially. Some people believe that the value of bitcoins will continue to grow over time as more people and businesses do so. start using it. People buy bitcoins as an investment vehicle. In fact, the value of a bitcoin increased from $500 to $16,000 in one year. It's always a transaction,.