Bitcoin as a medium of exchange
According to Abraham K. White, author of Cryptocurrency, “Bitcoin is a medium of exchange.” It is virtual money within a computer system. Multiple entities hold digital records that are protected by cryptographic technology.
In 2009, the issuance of the first bitcoin occurred. Satoshi Nakamoto is the inventor of blockchain technology, which is the software that uses bitcoin. Nakamoto built a decentralized system that makes access to funds possible from anywhere. It is a peer-to-peer system. In 2015, hundreds of different digital currencies were used.