Bitcoin is a cybercurrency that has attracted a lot of media attention in the last two years, and continues to do so. Bitcoin was founded by an unknown group or individual in 2009, who used the pseudonym Satoshi Nakamoto, after whom the smallest unit of the Bitcoin currency is named. It is the first and probably the most widely known cryptocurrency. Originally of interest only to the internet elite, Bitcoin has gained wider appeal in recent years and commanded respect in its own right as a foreign exchange.
How does Bitcoin work?
The finer details of how Bitcoin works can be difficult to understand, as it is not under central control like a conventional currency, but instead each transaction is approved by a network of users. There are no coins and no notes, no bullion is kept in a vault, but the supply of Bitcoin is limited, it stops at 21 million. Every 10 minutes, 25 Bitcoins are found by Bitcoin “miners”, and every 4 years the number of Bitcoins released is halved until the limit is reached. This means that there will be no further release of Bitcoins after 2140.
Why do I need Bitcoin news?
The price has historically fluctuated greatly, with significant peaks and troughs 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 wallet skyrocketed. If you’re already holding a few bitcoins in your digital wallet, or thinking of dipping a toe in the water, then you should keep up to speed with Bitcoin News. Bitcoin trading is an increasingly popular alternative or addition to conventional foreign exchange trading, and support is growing as more brokers develop.
Despite the gradual decline in the rate 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 card or cash transactions on the internet and on the high street. This could be a way to appease Bitcoin critics, who claim that the system used to approve or validate transactions, called Blockchain, is insecure and vulnerable to hacker attacks.