Bitcoin and cryptocurrency are the new buzzword today, almost everywhere people talk about bitcoin, especially with the example of someone who made millions in just a year or two by investing intelligently in bitcoin . It definitely creates curiosity in others whether it is right or legal to invest in bitcoin or is it just a bubble? Say no to plagiarism. Get a tailor-made essay on "Why Violent Video Games Shouldn't Be Banned"? Get Original Essay With a market capitalization of more than $270 billion, bitcoin gained momentum when its price hit a whopping $16,500 last year. In fact, it is not a new concept, Bitcoin has existed since 2009 and was initially traded at a very low value, its growth was also linear for a few years but then it grew exponentially. It traded for around $500 in 2015 and hit $1,000 in 2016, only to break records in 2017, when a single bitcoin was valued at $6,500. it is quite fluctuating at the beginning of this year and its current price could be around $14,000. Interestingly, if you had invested just $100 in Bitcoin in 2009, you would now be richer to the tune of £3.67 million. Bitcoin is not the only digital currency, there are other alternatives such as Ethereum, Ripple, Dash, Litecoin and NEO. So let's understand the basics of Bitcoin. It is a digital currency built on block chain technology, it is also known as virtual currency or cryptocurrency. It's virtual, so you can't print it, touch it, feel it, or store it. Technically, it's just a sequence of (0s and 1s) stored in some remote computers around the world. Bitcoin works on blockchain technology, Blockchain is considered one of the most secure technologies for storing data in a distributed manner. Create, store and manage public, secure, distributed digital transactions. Bitcoin was first introduced in 2009 by an unknown individual or group called “Satoshi Nakamoto”. It was an interesting way to pay for transactions without a third party like a bank. It manages peer to peer transactions without intermediaries. There are no transaction fees and both parties are anonymous. Just like an email address, you create a Bitcoin wallet account and then that address becomes your identity to use for every transaction. Some experts predict that Bitcoin or Cryptocurrency is the future of money and will eventually replace all other currencies in the future. Today, many tech-savvy online retailers accept bitcoin. You can order services such as web hosting, purchase merchandise and even coffee. Many online e-commerce portals accept bitcoin along with other cryptocurrency options such as LiteCoin and Dogecoin. Some well-known companies that accept bitcoin include Virgin Galactic, Overstock.com, TigerDirect, Dish Network, Expedia, Newegg, Directnic, Microsoft, Zynga, Starbucks, and Subway. You might think; why do I need bitcoin if I can buy everything using my credit card? Bitcoin is a new form of currency and enjoys exponential growth. Some people believe that the value of bitcoin will continue to grow over time because more and more people and companies will start using it. People buy bitcoin as an investment vehicle. As a matter of fact, the value of 1 bitcoin has increased from $500 to $16,000 in one year. The transaction is always anonymous when you do it via Bitcoin, no one will ever know about such transactions and the owner of the money. which attracts many criminals to use bitcoin for their payments and transactions. There are several cryptocurrency marketplaces (websites or online apps) called "cryptocurrency exchanges" that allow people to buy or sell bitcoin using different currencies. You can buy bitcoin using your own currency,.