Bitcoin is a cybercurrency that has attracted a lot of media attention over the past few years, and continues to do so. Bitcoin was founded by an anonymous group or individual in 2009, who used the pseudonym Satoshi Nakamoto, after which the smallest unit of the Bitcoin currency is named. It is the first and probably the most famous cryptocurrency. Originally of interest only to the internet elite, Bitcoin has gained wider appeal in recent years and commands respect in its own right in foreign currency.
How does Bitcoin work?
The fine details of how Bitcoin works can be difficult to grasp, as 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, no bullion held in the vault, but the supply of Bitcoin is limited, it will stop at 21 million. Every 10 minutes, 25 Bitcoins are found by Bitcoin “miners”, and every 4 years the number of published Bitcoins will be halved until the limit is reached. This means that after 2140 there will be no more bitcoins issued.
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 became overnight when the value of their Bitcoin wallets rose dramatically. If you already have some bitcoins in your digital wallet or are thinking about dipping your toe in the water, then you should really be keeping up with Bitcoin News. Bitcoin trading is an increasingly popular alternative or supplement to conventional forex trading and is gaining more and more support as more brokers opt in.
Despite the gradual decline in Bitcoin discovery rates, interest in Bitcoin news continues. There is a real and constant demand for up to the minute, reliable information about its value. Bitcoin recently received strong support from PayPal, which is sure to bolster confidence in its credibility as a reliable alternative to conventional bank card or cash transactions online and on the street. This may go some way to assuage critics of Bitcoin, who argue that the system used to approve or verify transactions, called Blockchain, is insecure and vulnerable to hacker attacks.