Bitcoin bursts through $5,000 for first time
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Bitcoin was worth only a few U.S. cents when it was launched in 2009. Bitcoin surged through the $5,000 level on Thursday for the first time since the launch of the unregulated virtual currency more than 8 years ago.
The cryptocurrency struck a new record high of $5,183.97 around 08:20 GMT according to financial data provider Bloomberg.
Bitcoin, a virtual currency created from computer code, was worth only a few U.S. cents was launched in 2009 by someone using the Japanese-sounding name Satoshi Nakamoto.
Unlike a real-world unit such as the U.S. dollar or euro, bitcoin has no central bank and is not backed by any government. Just like other currencies, bitcoins can be exchanged for goods and services — or for other currencies — provided the other party is willing to accept them.
Bitcoin’s community of users control and regulate the currency, and the anonymity of transactions that endears it to libertarians has raised concerns that it can be abused by criminals.
The lack of transparency has also sparked concerns that the swings in its value may be due to speculative trading.
Questions & Answers
Q.When was Bitcoin first launched?
When was Bitcoin first launched?
Bitcoin was first launched in 2009. At that time, its value was only a few U.S. Cents.
Q.Who created Bitcoin?
Who created Bitcoin?
Bitcoin was created by someone using the Japanese-sounding name Satoshi Nakamoto. This individual or group launched the virtual currency in 2009.
Q.What is the primary concern regarding Bitcoin's lack of transparency?
What is the primary concern regarding Bitcoin's lack of transparency?
The lack of transparency has sparked concerns that the swings in Bitcoin's value may be due to speculative trading, rather than fundamental factors.
Q.How is Bitcoin regulated and controlled?
How is Bitcoin regulated and controlled?
Bitcoin is regulated and controlled by its community of users. Unlike traditional currencies, it has no central bank and is not backed by any government.
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