[2017-05-10] Moneycontrol: What is Bitcoin and how it changed concept of money

What is Bitcoin and how it changed concept of money forever

http://www.moneycontrol.com/news/technology/what-is-bitcoin-and-how-it-changed-concept-of-money-forever-2275551.html

For a very long time, all the world’s currencies have been subject to either commodity or political authority, until 2009. That was the year when someone under the pseudonym of Satoshi Nakamoto introduced bitcoin to the world.

A revolution of sorts, bitcoin is a currency system based on Mathematics, and hence, is completely devoid of authority and the commodities of the physical world.

Bitcoin prices are derived based on pure free market dynamics of demand and supply, through a number of independent exchange platforms. Hence, like all currencies, the worth of bitcoin is also evaluated on the basis of people’s willingness to pay for the same.