Bitcoin is a cyber currency that has attracted a lot of media attention over the past couple of 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 it is named after the smallest unit of the Bitcoin currency. It is the first cryptocurrency and probably the best known. Originally of interest only to the Internet elite, Bitcoin has gained wider appeal in recent years and commands respect in its own right for the currency.
How does Bitcoin work?
The finer details of how Bitcoin works can be complicated to understand, because it is not under central control like a conventional currency, but rather each transaction is collectively approved by a network of users. There are no coins or bills or bullion stored in a vault, but the supply of Bitcoin is finite, it will stop at 21 million. Every 10 minutes Bitcoin “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 more release of Bitcoins after 2140.
Why do I need Bitcoin news?
Historically, the price has been very volatile, with significant peaks and troughs at intervals. Recently, the price of a Bitcoin increased more than 10 times in just two months. In 2013 several Bitcoin Millionaires were made overnight when the value of their Bitcoin wallets increased dramatically. If you already have some bitcoins in your digital wallet or are thinking about dipping your toe in the water, you should really keep up with Bitcoin news. Bitcoin trading is an increasingly popular alternative or complement to conventional forex trading, and is growing in support as more brokers jump in.
Despite the gradual decline in the Bitcoin discovery rate, interest in Bitcoin news continues. There is a real and constant demand for up-to-date and reliable information about its value. Bitcoin recently received a strong endorsement from PayPal, which will undoubtedly bolster confidence in its credibility as a reliable alternative to conventional bank card or cash transactions on the Internet and on the street. This could appease critics of Bitcoin, who claim that the system used to approve or validate transactions, called Blockchain, is insecure and vulnerable to hacker attacks.