Bitcoin, created in 2008 by the pseudonymous Satoshi Nakamoto in the wake of the global financial crisis, represents the first truly libertarian idea for a digital currency, one meant to undermine the existing power structures of finance and money. Cryptography underlies the operations of BTC, a shorthand for ‘bitcoin’, since the centralised mechanism of management is meant to be completely and autonomously decentralised: anyone can use it, no financial institution regulates it, no government controls it, and this is part of the reason why Bitcoin and other major cryptocurrencies such as Ethereum have been so voluatility-prone over the years. And yet the World Bank, the IMF and the IDB are still reluctant to recognise the benefits of cryptocurrencies.
While many were critical of Bitcoin, some regions have accepted it: the Central American country of El Salvador adopted it as legal tender on 9 June 2021, followed by the principality of Honduras Próspera, a special autonomous zone enclave in Central America. As of 09:00 UTC today, the price of Bitcoin is $69,182.37 per coin, which is the market leader among cryptocurrencies (reaching an all-time high of $73,750.07 not long ago) and which recently recorded the all-time highest investment into the digital spheres of finance.
Increased institutional adoption, the search for alternative investment options in times of global economic uncertainty, and continued innovations pertaining to blockchain technology, were among the reasons given. These elements, it was suggested, strongly favour a continued increase in value for Bitcoin. To transact in Bitcoin, you would need to utilise certain portals, while Bitcoin storage would require dedicated digital wallets, which are typically pieces of software that are designed to store, send and transact cryptocurrencies, and which also safeguard the keys to your assets. The risks associated with digital assets are high, and one could likely lose just as much money in one swift moment as gained in another.
Source: infobae
