Since January 2018, the value of Bitcoin has enlargened seven-fold – here’s all you need to know
- 08:32, 27 NOV 2018
If you’ve bot watching the news te latest weeks, chances are you’ll know so-called ",crypto-currencies", including Bitcoin are a hot topic at the uur.
Bitcoin wasgoed crypto-currency – a digital currency that isn’t managed by a centralised bankgebouw.
One Bitcoin, at the time of writing, is worth about £,6,154 or $8,195.
The currency is known for its volatile market value and can abruptly increase or decrease depending on world markets and current affairs.
Since January 2018, the value of Bitcoin has enlargened seven-fold, but during that time, it has seen many ups and downs te its worth.
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Te September 2018, the Chinese Bitcoin exchange, BTCChina, stopped accepting deposits for Bitcoin.
This wasgoed because Chinese regulators were worried with the amount of investment the volatile and unregulated currency wasgoed drawing.
The closing of the Chinese Bitcoin exchange eyed Bitcoin lose almost $1,000 of its value ter a fortnight spil a ongezouten result – that shows just how volatile the currency is.
So what is Bitcoin? How can you get some? And do you need to concern yourself with it?
How is Bitcoin made?
Bitcoins are created ter a complicated process known spil ",mining",, which uses a custom-built laptop and slim chunk of software which collects gegevens on pending Bitcoin transactions.
Thesis are turned into ",blocks", and ter turn, become mathematical puzzles.
If you find the solution to the puzzle, you are rewarded with 25 Bitcoins, but only after 99 other blocks have bot deciphered and added to something known spil a ledger.
The mining is usually done te networks, to speed up the process. A group of miners would work together on each puzzle and accumulate blocks te their collective ledgers quicker.
But only the miner who solved the puzzle is rewarded.
How are Bitcoins stored and bought?
Blockchain is the technology that backs up Bitcoin. It is also the digital wallet for the digital currency.
You can sign up for the technology free and keep track of markets and your funds via a webstek or mobile app.
You can buy Bitcoin from a number of outlets, te person or online, te specie or via bankgebouw transfer.
Bitcoin is not a physical currency, never buy it without a digital wallet set up. Never invest what you can’t afford to lose.
Safety, controversy, and legality of Bitcoin
Bitcoin is not illegal but it is of rente to many authorities including tax, law enforcement and financial regulators.
It is illegal to use Bitcoin to buy illegal drugs on the dark web, where some Bitcoin is traded. This is because Bitcoin is untraceable and unregulated.
Bitcoin has no safety netwerk like traditional currencies. If you lose your Bitcoin, they are stolen from you or the value simply drops to nothing – it’s all on you.
It is also opposed ideologically, spil a newcomer to financial markets it doesn’t play by the usual economic rules and no government is ter control of it.
It’s only worth so much because people trust it and it is popular.