The lack of clarity about its origin is another big issue related to bitcoin. In olden days, highly priced metals like gold, silver, etc. were used as currencies. Then came currencies printed by governments (or central banks) and these are called ‘fiat currencies’. Though its proponents claim that cryptocurrency is ‘mined’ using complex mathematical formulae, they are reluctant to call it a commodity. They also claim that it is not controlled by any government and so, it is ‘democratic’.

I heard about it in 2012, but wasn’t really struck by it. It wasn’t until 2013 when a wizard invited me to join him and learn about Magic Internet Money.

Bitcoin began trading in 2010, as the first bitcoin exchange opened in March 2010 with a per-coin value of $0.003. The first real-world transaction took place in May 2010, when 10,000 bitcoins were exchanged for two pizzas in Jacksonville, Florida. Since that time, the price of bitcoin has been on quite the roller-coaster ride. The first spike in the price of bitcoin occurred in July 2010, when the price jumped tenfold in a five-day period, from $0.008 to $0.08.
In early September 2017, bitcoin reached $5,000 for the first time. As I write in September 2017, one bitcoin is worth just over $3,722 and one "bitcoin cash" is worth about $445.

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