A cryptocurrency is a digital asset designed to work as a medium of exchange using cryptography to secure the transactions and to control the creation of additional units of the currency. Cryptocurrencies are classified as a subset of digital currencies and are also classified as a subset of alternative currencies and virtual currencies.
Bitcoin became the first decentralized cryptocurrency in 2009. Since then, numerous cryptocurrencies have been created. These are frequently called altcoins, as a blend of bitcoin alternative. Bitcoin and its derivatives use decentralized control as opposed to centralized electronic money/centralized banking systems. The decentralized control is related to the use of bitcoin's blockchain transaction database in the role of a distributed ledger.
Today, Nov. 28 2017, Bitcoin’s value has officially hit $10,000. A year ago, Bitcoin had its sights set on reaching $1,000, still relatively new to success, and so this new milestone will leave many to reevaluate the future potential of the cryptocurrency.
Bitcoin’s continued reign within the cryptocurrency market has not been smooth sailing, and these highs were matched by some serious lows earlier this year. The “forking” of Bitcoin (into Bitcoin Cash and Bitcoin Gold) divided the market and added a hefty amount of confusion for consumers. Initial concerns that the fork would lead to Bitcoin’s downfall have yet to be realized, and currently, the ascension of the cryptocurrency’s value is more in line with those who were in favor of the split.
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