Bitcoin is a digital currency which started circulating in 2009. It was the first form of virtual money to become relatively popular.
Bitcoin is public in nature as it maintains a log of all transactions. These are verified by its users in a process called mining. T
he extent of computing power and energy needed to mine bitcoins is set to increase over time. The main advantages of Bitcoin in
comparison to traditional currencies are low transaction fees, and anonymity of use. It also has numerous drawbacks, in particular
high price volatility, being prone to security breaches, inelastic supply coded by mathematical formula, lack of legal security as
well as numerous risks stemming from its immaturity as a currency.