Bitcoins began where modern money left off. Money started off as a physical promissory note, to be used instead of barter, in order to measure the value of goods and services and to store that value indefinitely. Then, digital money began reducing the function of paper money, but it was still backed by the National Authority of each country. International Trade and Commerce thrived by the determination of “Parity Value” of each currency against other currencies, and finally, commercial transactions utilized the value of the most commonly used major currencies, like the American U.S. Dollar , the European Euro and the Japanese Yen. This meant that the most powerful financial nations were at liberty to interfere with the World’s economy, to their own advantage, and the detriment of the others.
In Search Of Bitcoins
The money was already a virtual concept, as it was being transferred over the Internet and the Web, but of course, bound to tradition, each currency was still tied to the coattails of a particular Nation State and its policies. But the Bitcoin is decentralized, and owes allegiance to no single Nation or to any Central Bank. It is a virtual currency created and released on 9th January, 2009 as a crypto currency. Originally invented by Satoshi Nakamoto, it is actually a computer folder protected by secret codes, allowing continuous transactions without intermediaries between peer groups on the bitcoin network. What is Bitcoin can therefore be simply answered as doing the functions of money virtually, instantaneously and without interference!