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 set up by an anonymous group or individual in 2009, who used the pseudonym Satoshi Nakamoto, after whom even the smallest unit of Bitcoin currency is named. It is the first and probably the most famous cryptocurrency. Originally interesting only to the internet elite, Bitcoin has gained wider appeal in recent years and in itself commands respect in foreign currency.
How does Bitcoin work?
The finer details of how Bitcoin works can be difficult to understand, as it is not under central control as a conventional currency, but instead each transaction is jointly approved by a user network. There are no coins and banknotes, no levers kept in the vault, but the stock of bitcoin is limited, it will stop at 21 million. Every 10 minutes Bitcoin “miners” find 25 Bitcoins, 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 Bitcoin releases after 2140.
Why do I need Bitcoin news?
The price has been very volatile throughout history, with significant peaks and troughs at intervals. Recently, the price of Bitcoin has 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 about immersing your toe in water, then you should really be up to date with bitcoin news. Bitcoin trading is an increasingly popular alternative or addition to conventional foreign exchange trading, and support is growing as more brokers take action.
Despite the gradual decline in the Bitcoin discovery rate, interest in Bitcoin news continues. There is a real and constant demand for up to a minute reliable information about its value. Bitcoin has recently received strong support from PayPal, which will surely strengthen confidence in its credibility as a reliable alternative to conventional bank cards or cash transactions online and on the main street. This could reassure Bitcoin critics, who say the system used to approve or validate transactions, called Blockchain, is insecure and vulnerable to hacker attacks.