The Basics of Bitcoin


Jackie Elward, Web Design Editor

What is Bitcoin? 

Bitcoin is a relatively new form of currency that allows users to pay one another digitally without the presence of intermediaries. By circumventing the third party, specifically governments and banks, the transaction can be completed much more efficiently and privately. Transactions are completed from one virtual wallet to another – and can be done so globally. 

Bitcoin is also a store of value, similar to gold. Investors have slowly begun adding it into their portfolios. In fact, companies such as Tesla have invested in Bitcoin and will soon be accepting it as a form of payment. 

Unlike USD and other currencies, which are able to continually produce more currency leading to inflation, Bitcoin supply is capped at 21 million coins. Once Bitcoin reaches its cap, its value should stabilize and may even increase. On February 21, 2021, it hit an all-time high of about $58,000 per bitcoin. 

Who created it? 

Bitcoin was created by someone using the pseudonym ‘Satoshi Nakamoto.’ They were only identified in Bitcoin’s first document, released on October 31, 2008, that outlined the coin’s technology. The creation of Bitcoin came soon thereafter in early 2009. In 2010, the world began catching on and has used Bitcoin ever since. 

How can I get my hands on it? 

Everyday people can purchase the currency at Bitcoin ATMs, such as those powered by LibertyX or through online exchanges such as Once purchased, the coins can be saved in one’s digital wallet until they are spent.