What is bitcoin?

We live in an age of pronounced technological advancement, in which innovation is continuing to change the way in which we live our everyday lives.

It is also altering the landscape of numerous markets and industries, as various sectors look to capitalise on the numerous benefits associated with digital funds.

For those who are new to this term, however, what exactly are cryptocurrencies and how has Bitcoin impacted on the global markets?

What is bitcoin?

In many ways, bitcoin is the poster child for cryptocurrencies, and something that has blazed a trail in a new and exciting marketplace. Underpinned by blockchain technology, which provides a linear and transparent backlog of every bitcoin transaction that has ever been executed, this digital currency can be transferred instantly and in a variety of units.

It is also encrypted to provide additional security to users, while it is also freely accessible as it operates independently of a central bank or lender.

>See also: Will bitcoin’s record valuation incentivise ransomware attacks?

These are just a couple of the benefits of bitcoin and cryptocurrency which have revolutionised the global financial markets. After all, this type of currency offers added security and privacy, and transactions can be completed anonymously without any prior connection to an existing bank or credit account.

This has helped companies in many sectors, by reaching out to those who have concerns over privacy and their perception among others.

The impact of cryptocurrency in the marketplace

The last 18 months have seen considerable growth in terms of demand for bitcoin and its potential applications, thanks primarily to increased regulatory measures and the establishment of transaction limits.

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