Bitcoin is a cyber currency that has attracted a lot of media attention over the past few years and continues to do so. Bitcoin was set up in 2009 by an anonymous group or individual, who used the pseudonym Satoshi Nakamoto, after whom the smallest unit of Bitcoin currency is named. It is the first and arguably the most well-known cryptocurrency. Originally of interest only to the Internet elite, Bitcoin has gained wide appeal in recent years and commands respect in its own right among foreign currencies.
How does bitcoin work?
The finer details of how Bitcoin works can be difficult to grasp, as it is not under central control like a conventional currency, but instead each transaction is collectively approved by a network of users. No coins and no notes, no bullion kept in a vault, but the supply of bitcoins is limited, it will stop at 21 million. Every 10 minutes, 25 bitcoins are obtained by bitcoin “miners” and every 4 years the number of bitcoins released will be halved until the limit is reached. This means that after 2140 there will be no further release of Bitcoins.
Why do I need Bitcoin news?
Prices are historically very volatile, with significant peaks and slumps at intervals. Recently, the price of a Bitcoin has increased more than 10 times in just two months Several Bitcoin millionaires became overnight in 2013 when the value of their Bitcoin wallets rose dramatically. If you already hold some Bitcoins in your digital wallet, or are thinking of dipping a toe in the water, you really need to keep up with Bitcoin news. Bitcoin trading is an increasingly popular alternative or add-on to traditional forex trading, and support is growing as more brokers take the plunge.
Despite the gradual decline in the rate of Bitcoin discoveries, interest in Bitcoin news continues. There is a real and constant demand for up to the minute, reliable information about its value. Bitcoin has recently received a strong endorsement from PayPal which will surely boost its credibility as a reliable alternative to conventional bank cards or cash transactions over the internet and on the high street. This may go some way to appease critics of Bitcoin, who claim that the system used to authorize or verify transactions called blockchain is insecure and vulnerable to attack by hackers.