The Evolution of Bitcoin

Bitcoin is slowly changing the way that consumers and companies do business with one another. As it gains popularity and acceptance on a global scale it is important to learn more about what Bitcoin is and how it is impacting the economy. Bitcoin is a digital currency that is decentralized and exists on a peer-to-peer computer network

Bitcoins can either be purchased using “real” money like dollars or generated through a mining process where computers in the network solve difficult mathematical problems that verify transactions being made.

When it was first released in 2009, a single U.S. dollar could buy you more than 1,300 Bitcoins on the open market. As acceptance and usage began to grow, one Bitcoin was worth $1,124 in November 2013. Discussions on Bitcoin regulation are ongoing, but many organizations that use Bitcoins rely on the same Know-Your-Customer (KYC) Rules that are required in the Financial Services industry. Learn more about Bitcoins by reading through the following infographic.

Created by Britni Zandbergen, Senior Director of Marketing at Idology.  Britni has years of experience in identity management as well as dynamic SaaS solutions.