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The bitcoin community experienced some panic in the months leading up to August 1st, 2017 as the scaling debate threatened to create a schism in the bitcoin community at the time.
CryptoCurrencies are digital or virtual currencies created to serve as mediums of exchange. To ensure that transactions are verified and secure, a consensus system based on cryptography is employed. As a result, there is no need for third parties like banks when making CryptoCurrency transactions.
Bitcoin is the first iteration of a decentralized digital CryptoCurrency that was created on a blockchain. It was invented by the anonymous entity Satoshi Nakamoto who released the Bitcoin Whitepaper and the first version of the working software in 2009.