What is Bitcoin?

To say ” what is bitcoin” simply, it is just a monetary value. Unlike other financial currencies, it has no supporting banks and it is independent. It is like gold. If all people in the world recognize gold that it has no value, gold is valueless. Bitcoin is like that. Only if every bitcoin user around the world recognize bitcoin that it has no value, value of bitcoin will become zero. If the unit of gold is ounce, unit of bitcoin is BTC.
Working procedure of bitcoin is as follow. Each user who want to use bitcoin get each bitcoin wallet free. Transaction from one bitcoin wallet to another is confirmed by computer system group whose name is Blockchain that control and regulate bitcoin. Then Blockchain set new value for these two wallets.
Everyone can join in this Blockchain computer system group and random BTC is given every 10 minutes to them as fee for regulating bitcoin transaction. This is called Bitcoin Mining.
Bitcoin first started to arise in 2009. At that time, it value is only “1BTC=0.05 USD”. Later its one unit value rose to 1200 USD in 2013 and people all over the world became interested in it. The reason why bitcoin rose to such big value is that bitcoin is started to use in smuggling business. Bitcoin users do not need to describe their real name. Bitcoin selling and buying is done by only wallets.
And then value of bitcoin fall to 300 USD in 2014. In the years of 2015 and 2016, it gradually rose to 600 USD again. As of now 2017 June, it finally reach to 2480 USD.