Bitcoin is a new digital currency that has recently gained much media attention because of its rapid rise in value. Bitcoin (BTC) uses peer-to-peer technology to operate with no central authority or banks; managing transactions and the issuing of bitcoins is carried out collectively by the network. Bitcoin is open-source; its design is public, nobody owns or controls Bitcoin and everyone can take part. Through many of its unique properties, Bitcoin allows exciting uses that could not be covered by any previous payment system. If you want proper guidelines about earning profit with bitcoin then click bitcoin buyer.
History of Bitcoin
Bitcoin was first mentioned back in 2009 by a developer known only as ‘Satoshi Nakamoto,’ which can be assumed to be a pseudonym due to anonymity throughout Bitcoin’s entire history. Transactions are made with no middlemen – meaning, no banks! Bitcoin is often called ‘Digital Gold,’ and for a good reason. Each Bitcoin can be split into 100,000,000 pieces without any loss of value. Bitcoin has a limited supply of 21 million that will ever be released. Due to the nature of Bitcoin being decentralized and its apparent scarcity, Bitcoin’s price is incredibly high!
Bitcoin is completely independent of any country or economy. This means it does not have an inflation rate nor does it have a centralized bank system that determines the monetary policy with relative ease as opposed to currencies such as the US dollar or Euro. Bitcoin’s value depends solely on people’s confidence in Bitcoin as a currency and payment system, so if more merchants start accepting Bitcoin throughout the world there will be an increase in Bitcoin’s price.
Reputation of Bitcoin
Bitcoin is currently extremely small compared to other economies, but Bitcoin has seen a massive use on the Internet. Bitcoin has proven itself as one of the most successful payment systems thus far, and is growing every day! Bitcoin offers many advantages over traditional currencies such as increased flexibility, no fees/taxes, decentralization, instant global transactions with relatively low processing fees.
Bitcoin is so new that there are few things you can do with it beyond buying it and holding onto it. But if you want to try spending some of your hard-earned Bitcoin, there are several online merchants starting to accept Bitcoin. Bitcoin is currently used for purchasing private VPS servers, VPN services, and web hosting services. Bitcoin also has many upcoming technological developments where Bitcoin will be able to run apps in the near future (aka Bitcoin Apps).
All this talk about Bitcoin might make you want to go out and buy yourself some Bitcoin, but before you do that make sure to read up on the best practices of securing your Bitcoins. You can find more information on sites like 99Bitcoins and Bitcoin Wiki. And when you’re ready to buy some Bitcoin go here!
Bitcoin is new, Bitcoin is exciting! Bitcoin is revolutionary! Bitcoin has the potential to gain massive market share in the way currency is exchanged by merchants throughout the world. Bitcoin provides many advantages over other current payment methods such as credit cards that include low fees, no risk of identity theft, and decreased exchange rates (no additional charges from banks!).
Bitcoin’s price keeps increasing due to its limited amount and because more people are now using it. The more people who join Bitcoin the higher demand will rise and thus BTC’s value will increase. Keep your eyes out for Bitcoin; we might be watching a revolution unfold before our very own eyes!
Leading Bitcoin exchange service Mt. Gox on Friday confirmed that its website had been hacked, with attackers making off with what could be up to $300 million worth of Bitcoin.
The Tokyo-based site suspended trading earlier on Friday, issuing a statement saying it had “suffered some security breaches,” but giving no details on the scale of the attack or whether any of its Bitcoin deposits were taken. Several Bitcoin traders said they had speculated Mt. Gox was under attack after withdrawing funds from their accounts there went undelivered for hours.
Mt. Gox issued another statement early Saturday morning in Japan confirming that an attacker had managed to get into their systems due to an email phishing attempt against its users and stealing roughly US$350 million, including Bitcoin deposited with the service. The company said it was working to secure the exchange and account balances against the possibility that Bitcoin withdrawal requests will be honoured once they are confirmed to be genuine.