Bitcoin is a decentralized digital currency that does not have a single central bank controlling it. It is a currency that is not owned by any country or state but is controlled by a network of computers called a blockchain. The blockchain keeps a record of transactions that take place on a peer-to-peer model.
Bitcoin was introduced in 2008. To emphasize its independence, the creator of Bitcoin is still unknown. An anonymous person/persons known as Satoshi Nakamoto is credited with the creation of Bitcoin.
The absence of central control and ownership, as well as the lack of geographical border limits, makes Bitcoin a perfect currency for people in countries such as South Sudan. The currency is stable and of high value, making it an excellent gap-filler for the still fledging South Sudanese Pound.
To acquire Bitcoin, a user needs to open a wallet with an agent such as LocalBitcoins. This is a free process. Once the wallet is opened, the user purchases Bitcoin using the fiat currency that they hold, e.g., the dollar. One Bitcoin is presently worth around $41782.
Because of its high value, Bitcoin can be bought in portions. For instance, a person with $1000 can purchase 0.024 BTC. This provision aims at making BTC accessible to all people. Coins are bought from other owners through agents.