A few days back I read an article about how Bitcoin’s price can be sufficiently explained by Metcalfe’s law. As you read through the post, resist the temptation to click the links to learn more about Bitcoin, Metcalfe’s law etc. (Maybe you should read about Bitcoin if you have not heard of it). I have provided all the information you need for your first read on this post.
Bitcoin is a cryptocurrency and worldwide payment system. It is the first decentralized digital currency, as the system works without a central bank or single administrator. The network is peer-to-peer and transactions take place between users directly, without an intermediary. These transactions are verified by network nodes through the use of cryptography and recorded in a public distributed ledger called a blockchain. Bitcoin was invented by an unknown person or group of people under the name Satoshi Nakamoto and released as open-source software in 2009.