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Bitcoin, Litecoin, and Dogecoin are all forms of a new type of currency that is currently exploding: cryptocurrency. Cryptocurrency, a digital form of money using cryptography to maintain a safe transaction, has exploded in recent years becoming a new force to reckon with in the economic world. Bitcoin, the most valuable cryptocurrency to date, has become to face and leader of the cryptocurrency world.

Bitcoin was developed in 2009 by an anonymous person or group of people in 2009. These people operated under the name Satoshi Nakamoto and released it as open-source software.

One unique aspect of Bitcoin is the system on which it works. Bitcoin is the first world currency to operate without a central bank or administrator. This allows all transactions to happen between clients (peer-to-peer) with an intermediary, who can be compromised.

With this level of security present, Bitcoin has grown in popularity with over 100,000 businesses accepting it as a form of currency. According to the University of Cambridge, Bitcoin also has as many as 5.8 million active and unique users. Bitcoin, like all other currency, does suffer from a constant shift in value going from $790 dollars to $19,000 just in 2017.

“When I bought a part of a bitcoin in 2014, a full coin was only worth roughly $650 and now it’s worth as much as $18,000-19,000,” says senior Tommy Sun. Sun, like many others, bought “stock” when Bitcoin was worth as little as 3 percent of what it is worth today and are now reaping the benefits. “It’s nice to see the benefit of an investment so early in life,” comments Sun.  Others, however, have qualms with this new currency and how electronic money is technically just a number on the screen.

“That money could be gone in a snap. Ultimately cash is king,” says local business owner Jeff Hughes. Hughes speaks the mind of many who see the new money as just a computer program that could fail at any second, leaving its users without a dime. This is deemed a legitimate concern by many economists, saying that due to the currency not actually regulated, it could flop as quickly as it grew. “It’s a bit worrying to see the world leaving behind cash for a currency that is just a number on the screen at this point. There isn’t really much physicality to the numbers yet,” says Hughes.

As cryptocurrency continues to fluctuate rapidly and seemingly infinitely grow, many begin to look towards a new form of currency. A digital form that feels both secure and valuable. To see bitcoin’s and other online currencies’ prices visit https://coinmarketcap.com/currencies/.