Bitcoin is a digital asset and a payment system invented by Satoshi Nakamoto. Transactions are verified by network nodes through cryptography and recorded in a public dispersed ledger called a blockchain.
Bitcoin is unique in that there are a finite number of them: 21 million.
Bitcoins are created as a reward for a process known as mining. They can be exchanged for other currencies, products, and services.
As of February 2015, over 100,000 merchants and vendors accepted bitcoin as payment.
The Mt. Gox exchange was the largest bitcoin exchange in the world, until February 2014 when the site shut down and file for bankruptcy protection in Japan.
Since then, there has been considerable debate about the future of bitcoin.
Bitcoin has been labeled a speculative bubble by many including former Fed Chairman Alan Greenspan and economist John Quiggin. Nobel Memorial Prize-winning economist Paul Krugman wrote in 2013 that bitcoin was a bubble wrapped in techno-mysticism.
What is the current quote for Bitcoin?
As of July 2018, the price of one Bitcoin is $6,449 USD.