First of all, Bitcoin is a real currency in which you can buy in to, sell and purchase goods and services with. Some of the benefits of Bitcoin are that transactions are instant, can be accepted anywhere around the world and generally have no processing fees.
Bitcoin is known as an open-source online commodity. In it’s exchange it uses a peer-to-peer encryption over the internet and has no central governing authority. The servers that create the currency are called bitcoin miners or bitminers.
As many speculated and feared, a Bitcoin collapse was very possible. As they say, greed turns to fear and with the bubble of the bitcoin driving this greed, it didn’t take much for the pendulum to drastically shift in the other direction.
At it’s peak a bitcoin was valued at around $260, but drastically and dramaticly lost half it’s value. Here is an view of the recent crash by Real Time Bitcoin Data Services.
Here is a video explaining more about the Bitcoin, it’s rise and crash.
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