Bitcoin is a cyber currency that has attracted a lot of media attention in the last 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 was named. This is the first and perhaps the most widely known cryptocurrency. Initially of interest only to the internet elite, bitcoin has become more attractive in recent years and in itself deserves respect for foreign currency.
How does bitcoin work?
The finer details of how bitcoin works can be difficult to understand, as it is not centrally controlled as a conventional currency, and instead each transaction is approved collectively by a network of users. There are no coins and banknotes, no bars held in a vault, but the supply of bitcoin is limited, it will stop at 21 million. Every 10 minutes, 25 bitcoins are opened by bitcoin “miners” and every 4 years the number of released bitcoins 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?
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 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 of dipping your finger in the water, then you really need to keep up with bitcoin news. Bitcoin trading is an increasingly popular alternative or addition to conventional foreign exchange trading and is growing in support as more brokers take a sharp step.
Despite the gradually declining rate of bitcoin discovery, interest in bitcoin news continues. There is a real and constant search for up-to-date, reliable information about its value. Bitcoin has recently received strong approval from PayPal, which will certainly boost confidence in its reliability as a reliable alternative to conventional bank cards or cash transactions online and on the street. This may reassure Bitcoin critics, who say the system used to approve or validate transactions, called Blockchain, is insecure and vulnerable to attack by hackers.