Bitcoin is a type of digital currency, or cryptocurrency, in which coins are generated and transacted in an online exchange system (blockchain) without a central authority, such as a government entity or a banking institution. Bitcoin is the largest cryptocurrency in the world, valued at over $385 billion as of Sept. 27. This means that Bitcoin would rank in the top 30 in the world in terms of total gross domestic product — between United Arab Emirates ($383 billion) and Norway ($399 billion).
One of the primary roles of Bitcoin is supposed to be money. However, to be classified as money, Bitcoin must satisfy at least three basic functions: (1) medium of exchange, (2) store of value and (3) unit of account. But does Bitcoin currently meets these requirements?
Can Bitcoin buy my groceries?
Is Bitcoin used as a medium of exchange, or generally accepted as payment, for common goods and services, like groceries? The short answer is yes, but it is much more complicated than that. There...
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INN caught up with cryptocurrency investment expert Dan Hoover to review the current landscape and where the market may be heading. The cryptocurrency investment marketplace has gone through severa...