The buzz about Bitcoin

The buzz about Bitcoin

By Nic Bradley and Jade Ruggieri

In 2008, Satoshi Nakamoto announced the release of bitcoin, a new electronic cash system that uses a peer to peer network to prevent double spending, but it’s completely decentralized with no server or central authority. So he created digital cash. In order to realize digital cash a payment network with accounts balances and transactions are needed. One major problem every payment network has to solve is to prevent double spending and in order to prevent that they have a central server who keeps the records about the balances. Cryptos are decentralized leaving the job up to all other entities of the network. That was never possible until Satoshi figured out how to. Now crypts can be mined using software that uses known algorithms that are validated by the network codes. Once verified the transaction creates a new block of data for the ledger, then becomes a cryptocurrency. Bitcoin has been the most successful recently, having a peak at almost $20,000 per coin. However the crypto bubble has somewhat bursted as bitcoin is down to 9100 today.