A news website produced by students of A.P. Giannini Middle School
By Ishaan Bhattacharya
Welcome back to the Giannini Politics Update! Today there will be one topic of discussion: Bitcoin, the world’s largest cryptocurrency.
Bitcoin, the world’s largest cryptocurrency, that is currently making its investors rich, has recently sunk below $10,000 and is now 50% off its all time high. The last time Bitcoin fell below the $10,000 mark was November 2017. Bitcoin could be falling behind in the cryptocurrency business as it dropped almost 19% within 24 hours.
Now, some people may be wondering what Bitcoin is. Well, Bitcoin is a new form of currency created in 2009 by an unknown identity using the alias Satoshi Nakamoto. Bitcoin transactions are made without banks. But still, much of the excitement over Bitcoin is about getting rich by trading it.The price of a single Bitcoin skyrocketed into the thousands in 2017. Some people just buy Bitcoins hoping to see the price skyrocket (therefore making them rich), but it is useful for several other reasons as well.
First of all, Bitcoin makes international payments easy because of the fact that they are not tied to any subject or country regulation. In addition, small businesses may like them because there are no credit card fees involved. Lastly, Bitcoins can be used to purchase merchandise anonymously.
Cryptocurrencies like Bitcoin may replace regular currency in the future, so make sure to stay tuned for more news regarding cryptocurrencies.
The Giannini Beacon Gazette is a news site created by the Journalism Club students of A.P. Giannini Middle School and sponsored by Sunset Neighborhood Beacon Center (SNBC).