Bitcoin is a cybercurrency that has attracted a lot of media attention in recent years, and continues to do so. Bitcoin was created by an anonymous group or individual in 2009, who used the pseudonym Satoshi Nakamoto, after which the smallest unit of currency Bitcoin is named. It is the first and undoubtedly the most well-known cryptocurrency. Originally only of interest to the internet elite, Bitcoin has gained wider 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 under central control like a conventional currency, but instead each transaction is approved collectively by a network of users. There are no coins or notes, no bullion held in a vault, but the Bitcoin supply is finished, it stops at 21 million. Every 10 minutes, 25 Bitcoins are found by Bitcoin “miners”, and every 4 years the number of Bitcoins released will be halved until the limit is reached. This means that there will be no more release of Bitcoins after 2140.
Why do I need Bitcoin news?
The price has historically been very volatile, with significant peaks and slumps at intervals. Recently, the price of a Bitcoin jumped more than 10 times in just two months. In 2013, many Bitcoin Millionaires were made overnight when the value of their Bitcoin portfolios increased dramatically. If you already have some bitcoins in your digital wallet, or are thinking about dipping a toe in the water, then you really should keep up with Bitcoin News. Bitcoin trading is an increasingly popular alternative or add-on to conventional foreign currency trading, and is growing in support as more brokers take the plunge.
Despite the gradual decline of Bitcoin discovery, interest in Bitcoin news continues. There is a real and constant demand for up to the minute, reliable information about its value. Bitcoin has received a strong endorsement from PayPal recently which will certainly strengthen confidence in its credibility as a reliable alternative to conventional bank cards or cash transactions on the Internet and on the high street. This could go some way to appease Bitcoin’s critics, who say that the system used to approve or validate transactions, called Blockchain, is not secure and vulnerable to attack by hackers.