Bitcoin is a cyber currency that has received a lot of media attention over the past few years and continues to do so. Bitcoin was created by an anonymous group or individual in 2009 who used the pseudonym Satoshi Nakamoto, after whom the smallest unit of 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 greater appeal in recent years and commands respect in its own right as a foreign currency.
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 and notes or bullion held in a vault, but the supply of Bitcoin is limited and will stop at 21 million. Every 10 minutes 25 Bitcoins are discovered 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 bitcoins released 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 one bitcoin jumped more than 10 times in just two months. In 2013, several bitcoin millionaires became overnight when the value of their bitcoin wallets increased dramatically. If you’re already holding some Bitcoins in your digital wallet or thinking of dipping a toe in the water, then you really need to keep up with Bitcoin news. Bitcoin trading is an increasingly popular alternative or supplement to conventional forex trading and is growing in support as more brokers take the plunge.
Despite the gradually decreasing rate of Bitcoin discovery, interest in Bitcoin news continues. There is a real and constant demand for up-to-date, reliable information about its value. Bitcoin has received a strong endorsement from PayPal recently, which is sure to bolster confidence in its reliability as a reliable alternative to conventional bank cards or cash transactions on the internet and on the high street. This may go some way to assuage critics of Bitcoin, who argue that the system used to approve or validate transactions, called Blockchain, is insecure and vulnerable to attacks by hackers.