How exactly to categorize Bitcoin is a matter of controversy. It is a type of currency, a store of value, a payment network, or an asset class?

Fortunately, it’s easier to define what Bitcoin actually is. It’s software. Don’t be fooled by stock images of shining coins emblazoned with modified Thai baht symbols. Bitcoin is a purely digital phenomenon, a set of protocols and processes.

It is also the most successful of hundreds of attempts to create virtual money though the use of cryptography, the science of making and breaking codes. Bitcoin has inspired hundred of imitators, but it remains the largest cryptocurrency by market capitalization, ad distinction it has held throughout its decade plus history.(Investopedia)

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Learn more about finance terms at Investopedia

Categories: Finance

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