Bitcoin is a cyber currency that has received a lot of media attention over the past couple of years and continues to do so. Bitcoin was created by an anonymous group or private individual in 2009 using the pseudonym Satoshi Nakamoto, after whom the smallest unit of the Bitcoin currency is named. It is the first and perhaps the most widely known cryptocurrency. Originally of interest only to the Internet elite, Bitcoin has gained widespread appeal in recent years and commands respect in its own right on the foreign exchange.
How does bitcoin work?
The finer details of how Bitcoin works can be difficult to understand because it is not centrally controlled like conventional currency, but instead each transaction is collectively approved by a network of users. There are no coins, notes, or bullion stored in vaults, but the supply of bitcoins is limited, stopping at 21 million. Every 10 minutes, miners find 25 bitcoins, and every 4 years the number of bitcoins released will be halved until the limit is reached. This means that there will be no further issuance of Bitcoins after 2140.
Why do I need Bitcoin news?
The price has historically been very volatile, with significant peaks and troughs at intervals. Recently, the price of Bitcoin jumped more than 10 times in just two months. In 2013, several Bitcoin millionaires became sudden when the value of their Bitcoin wallets skyrocketed. If you already have a few bitcoins in your digital wallet or are about to dip your toe in the water, then you really should keep up with Bitcoin News. Bitcoin trading is becoming an increasingly popular alternative or add-on to conventional forex trading, and support is growing as more brokers take the plunge.
Despite the gradual drop in Bitcoin discovery rates, interest in Bitcoin news continues. There is a real and constant demand for prompt, reliable information about its value. Bitcoin has recently received strong support from PayPal, which will no doubt strengthen its credibility as a reliable alternative to conventional bank cards or cash transactions online and on the high street. This could appease critics of Bitcoin, who argue that the system used to approve or verify transactions, called the Blockchain, is insecure and vulnerable to hacking.