Bitcoin is a decentralized digital currency that you can buy, sell and exchange directly, without an intermediary like a bank. Bitcoinโs creator, Satoshi Nakamoto, originally described the need for โan electronic payment system based on cryptographic proof instead of trust.โ Each and every Bitcoin transaction thatโs ever been made exists on a public ledger accessible to everyone, making transactions hard to reverse and difficult to fake. Thatโs by design: Core to their decentralized nature, Bitcoins arenโt backed by the government or any issuing institution, and thereโs nothing to guarantee their value besides the proof baked in the heart of the system. โThe reason why itโs worth money is simply because we, as people, decided it has valueโsame as gold,โ says Anton Mozgovoy, co-founder & CEO of digital financial service company Holyheld.
Traders also expressed uncertainty about the situation with China Evergrande, as the indebted property company has not provided clarification about a key interest payment.In economic news, the Commerce Department reported an unexpected increase in U.S. new home sales in August.Crude oil prices climbed Friday and front-month WTI oil futures contracts saw gains for a fifth straight week amid tighter supplies. West Texas Intermediate Crude oil futures for November rose $0.68 or 0.9 percent at 73.98 a barrel. WTI Crude futures gained 2.8 percent for the week.
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