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All About Bitcoin
A ‘BIT’ Of History
Over taking the spirit of banks, Bitcoin has become one of the most talked about phenomenons in the recent years. With its history going back to 2008, it is believed to be the creation of Satoshi Nakamoto. Hilarious or mysterious, depending on your perception, the identity of Satoshi Nakamoto is till date unknown, as many believe one face to be behind the name or a team of individuals anonymously working on what can possibly transform the way humans have operated for centuries.
Two years into the market, Bitcoins earned themselves a name by 2011 and the word was out. Through major curves of appreciation and consistent depreciation after, Bitcoin’s price and value had remained fluctuating, since its initiation. By 2011, the Bitcoin value went up to $32 from $0.30 until it crashed back to $2. Yet, this was not the only rise and fall, Bitcoin has had, as in the latter half of 2012, the value climbed up to $266 before its drop back to $50 in 2013.
By November 2013, Bitcoin had done wonders with the existence of nearly 12 million Bitcoins, raising its market cap up to $7.2 billion and by the 23rd of the same month, it broke past $10 million.
Unfortunately, lately, with the withdrawal of the largest Bitcoin exchange companies, known as Mt. Gox, Bitcoin’s value dropped from $800 to $400 with the hopes of it rising back again to even greater heights.
Oh, So What is Bitcoin? Here is Your Answer ..
Bitcoin is a peer to peer (P2P) payment system or digital currency created by a process called, ‘mining’. Hence, what makes it different from actual money is its most empowering feature, being decentralized. This proves Bitcoin to be a shared entity between any machine which is capable of creating Bitcoin despite a centralized authority, taking control of all the valuables.
With a hassle and charge free set up, Bitcoin makes an individual purchase anonymously, like its creator. More so, Bitcoin allows small business to purchase across border and all without credit card fees. Bitcoin, alongside its capabilities, goes a long way, including how an individual can make their own digital wallet, which is building one’s own bank.
Bitcoin, being real money, of course, operates similarly. Hence, on accepting Bitcoins, an individual processes that money, which convert Bitcoins into cash and transfer the traditional form into a bank account.
So, It Is All Digital and Secure At The Same Time?
If one maintains an offline wallet, despite it being inconvenient, Bitcoin has proven itself to be immensely secure. Moreover, it the security of Bitcoin depends on its usage as well, alongside, online wallets simply being one of the risks.
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