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Bitcoin Information

Bitcoin is a digital currency that only exists electronically. To be more precise, it’s a cryptocurrency that is based on code and encryption keys. The currency first came into circulation in 2009 and was created by an anonymous programmer called Satoshi Nakamoto.

The currency is relatively new and not many people have any idea about how Bitcoin works. The goal of this post is to give newbies clearer understanding of what bitcoin is, how it works and how it can be used to buy/sell services and goods.

What Are Bitcoins?

People often confuse the terms Bitcoin (capitalized) and bitcoin (not capitalized) with each other, not realizing that these two are completely different entities.

Bitcoin latest news refers to the Bitcoin Network while bitcoin information refers to the currency itself (i.e. 1 bitcoin, 2 bitcoins).

What Makes Bitcoin So Special?

There are several factors that make Bitcoin special and give it an edge over traditional currency. The list is unending. However, I’m going to write some advantages of Bitcoin to give you a clear idea as to what makes Bitcoin so special.

  • Bitcoin is a peer to peer currency and is autonomous to third party influence.
  • Bitcoin transactions are stored in a public ledger called blockchain. The recorded information is transparent and offers open access to its users, making transactions more transparent.
  • Since the Bitcoin transactions don’t go through a clearing house (Government, MasterCard, Visa Card, etc.) the fees involved are extremely low.
  • The currency is stored in a Bitcoin wallet which is equivalent to bank accounts for traditional currency.
  • The security level of Bitcoin is extremely high. The currency is secured with encryption keys and only the owner of the coins can know about it; which makes stealing coins nearly impossible.
  • Bitcoins are finite and their value depends on the volume of usage. The more people use this currency, the higher it goes in value.

These are some of the key features that make bitcoin special.

Are Bitcoins Decentralized?

Yes, bitcoins are decentralized. There is no government/private agency, a monitoring authority or clearing house to monitor bitcoin flow. This makes the digital currency spendable nearly anywhere around the world.

Due to it being decentralized, Bitcoin is also dubbed as “the currency of internet”. This is because the Bitcoin transactions are not bound to any physical boundaries and can be sent to/received in any part of the world.

Is Bitcoin Anonymous?

Bitcoin transactions used to be completely anonymous. But now many bitcoin escrow service providers have started implementing KYC (Know Your Customers) and AML (Anti Money Laundering) regulations.

These regulations bound the users to provide proof of identity and residence which makes it harder to achieve anonymous transactions.

How Can You Use Bitcoins?

Bitcoins can be used in a similar fashion as traditional currency i.e. to buy/sell goods, services, and for investment purpose. Another use of bitcoin is to generate revenue through money transfer.

How to Earn Bitcoin?

There are two major ways to earn bitcoins: buying and mining.

Buying Bitcoins:

Bitcoin can be bought through many online exchanges. The exchanges operate on both local and global scale. You can also buy bitcoins from other people via LocalBitcoins.

Bitcoin Mining:

In Bitcoin mining, users on different computers assemble together to form a block and work to solve mathematical algorithms. Those who successfully solve the problems earn their reward in bitcoin.

Conclusion:

Bitcoin is well secured and the fact that Bitcoin transaction data cannot be deleted or tampered with makes it even more protected. Moreover, the currency is cost effective and many major corporations have shown their interest in accepting Bitcoin as payment. The future seems pretty cool!

 

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3 thoughts on “Looking for Bitcoin Information? Here Is Everything You Need to Know

  1. Thanks for the sensible critique. Me and my neighbor were just preparing to do some research about this. We got a grab a book from our area library but I think I learned more from this post. I am very glad to see such fantastic info being shared freely out there.

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Bitcoin Hits $11,000 – But It’s Just The Beginning!

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Miguel Cuneta, the co-founder at Satoshi Citadel, which is a renowned digital money investment firm in the Philippines expressed that the $10,000 hype was produced by the media recently. Minutes after the bitcoin cost crossed $11,000, it dropped to $9,000, and soon after, the predominant press was anxious to publish a progression of articles on the next bitcoin crash.

“News outlets barely had 24 hours to let the ’10k’ news simmer and it has already gone up to $11,500. When they published the ’11K’ piece, it had already dropped to $9,000. And when they entered the last word on ‘Bitcoin is crashing!’ article, it was back at $11,000 per BTC,” wrote Cuneta.

With the cost of bitcoin almost at $12,000, bitcoin is currently the world’s 6th most valuable currency on the planet. Hence, while the majority of predominant press outlets and analysts in the finance sector are focused on the transient value pattern of bitcoin, Cuneta clarified that bitcoin will probably turn out to be significantly bigger than most can imagine.

“Along these lines, we could watch one of the greatest financial rises in history unfurl with this bitcoin insanity. However on the opposite side of the coin, there is additionally the non-trivial possibility that we are seeing something striking happening right in front of us — the arrival of the separation of cash and state,” Cuneta noted.

The Future Beyond $12,000:

Bitcoin has hit the $11,000 mark and is going to cross $12,000 in December, given the entrance of institutional financial specialists and billions of dollars in capital. As institutional cash streams into the bitcoin advertise through bitcoin prospects, the $165 billion market cap of bitcoin will increase quickly, giving greater liquidity.

Cuneta added: “More than one-third of a trillion dollars. That is the aggregate sum of digital currencies on the planet. $165 Billion belongs to the Bitcoin alone, which just shows how overwhelming network effect can be. Due to Bitcoin, the ability to create cash has come into each person’s hand on the planet and detracted from lords and governments.”

For this specific reason, a few renowned financial specialists inside the cryptographic money space have communicated their optimism towards bitcoin price reaching $45,000 before the finish of 2018, accomplishing a $1 trillion market cap.

Story credit: cryptocoinsnews.com

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Is the Value of Bitcoin Interrelated to its Google searches?

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The price of Bitcoin has a 91% correlation to its volume of Google searches, according to a search engine marketing agency known as SEMrush.

 

Image credits: steemit

 

Basically, this means that the number of Google searches related to “Bitcoin value” fluctuate with the price of google Bitcoin. In simple words, when the price goes high, more people are attracted to it and as it begins to drop, people become less interested.

How was this study conducted?

SEMrush discovered from a database of 120 million US keyword searches that were linked to bitcoin. Some of them are listed below:

“Bitcoin”

Bitcoin price”

“Bitcoin news”

“Bitcoin value”

The total number of Bitcoin and Bitcoin search volume was said to be approximately around 51,400,000 last year.

 

Is the case study simply approving the obvious?

Perhaps. As mentioned earlier, the interest of people is dependent on the price. The higher the price, the more the number of searches online.

Regardless, it’s quite interesting to note this connection and to discover that the numbers actually support what we might be assuming.

image credits: steemit

Statistics:

Since April 2017, the number of bitcoin searches has climbed up by 450%.  During this time, the value of bitcoin had gone up from around $1,076 to a new hit of $5,000 just a couple of weeks ago.

 

Will it Predict the Price of Bitcoin? – That is the Question

Unfortunately, no. That is not the case and it’s silly to think that a search engine would be easily able to predict the price of the world’s most popular cryptocurrency.

 

Story Credits: steemit

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WARNING! Hong Kong Regulator Says ICOs are ‘Downright Fraud’

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Hong Kong securities regulator has once again warned the public about Initial Coin Offering investment. The deputy chief of Honk Kong SFC (Securities and Futures Commission), Julia Leung, repeated the previous concerns of perils related to ICOs, in a speech which took place on Friday.

While emphasizing that the interests of regulators lie in protecting the investment of public first, Leung said:

“While we acknowledge that innovative technologies such as blockchain have the potential to improve efficiency and financial inclusion, that does not entitle anyone to conduct fundraising from the public in violation of securities law.”

initial coin offering

Obscurity for Investors

As Leung is the chair of the SFC’s Fintech Advisory Group, she claimed that it would be difficult for an average investor to decrypt the extreme-technical-content and obscurity of few projects that are in quest of fundraising, as she stated that it was more suitable for proficient investors from VC funds instead. Her remarks then drew the attention to projects that claim to use blockchain technology as a “slogan” to vow high-tech claims without any innovation to fulfil those promises.

Julia Leung also added:

“Many of these fundraisings are dubious, if not downright frauds. The issuers escape the scrutiny of the police or securities regulators because of their cross-border nature and the way the crypto assets are structured to fall outside any regulator’s perimeter.”

Warning Against ICOs

These comments pursue an earlier statement, in which guidelines were provided for ICO issuers that must be followed ahead of fundraising operation. Certain ICOs could be considered as securities as well, according to Leung. Since the scrutiny, the regulator has issued a warning letter to almost seven exchanges along with domestic presence, prompting them not to trade cryptocurrency tokens as it sees them as securities without a license.

The regulator said:

“The SFC will continue to closely monitor ICOs and will not tolerate any violations of the securities laws of Hong Kong.”

Seeing growing public interest, the authorities of Hong Kong launched a “public awareness campaign” at the beginning of this year to enlighten general public about the Initial Coin Offering investment and cryptocurrencies by using, articles, advertisements, and infographics.

In her speech, Leung also pointed out the volatility of bitcoin price and added:

“Many millennials who subscribe to digital tokens in ICOs5 understand that there is no intrinsic value in the tokens but are betting on the rapid rise of the token value in the secondary market.”

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