Bitcoin Price Story

The bitcoin price is very volatile and has seen some large fluctuations since its inception in 2011 when you could buy one bitcoin for just a few cents. Since then the bitcoin price has increased each year until it reached its high of $1200 per bitcoin in late 2013. After that, the bitcoin price has declined to $300-$200 per bitcoin where it has stayed for quite some time. Now it would seem that the bitcoin price might be on its way up again. Be sure to stay updated on the bitcoin price by reading our daily bitcoin analysis here.

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How does Bitcoin works?

From a user perspective, Bitcoin is nothing more than a mobile app or computer program that provides a personal Bitcoin wallet and enables a user to send and receive bitcoins.

Behind the scenes, the Bitcoin network is sharing a massive public ledger called the “block chain”. This ledger contains every transaction ever processed which enables a user’s computer to verify the validity of each transaction. The authenticity of each transaction is protected by digital signatures corresponding to the sending addresses therefore allowing all users to have full control over sending bitcoins. Continue reading “How does Bitcoin works?”

BITCOIN ADDRESS

A Bitcoin address, or simply address, is an identifier of 26-35 alphanumeric characters, beginning with the number 1 or 3. Please do not confuse your Bitcoin address with your email, blockchain login etc. Your address is a critical aspect to receive withdrawals.

If you are new to Bitcoin and you don’t have a Bitcoin address, we recommend that you open your free Bitcoin wallet at blockchain.info or coinbase.com.

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You may have heard of Bitcoin on TV, or in a conversation with friends

Truth is, Bitcoin is more than just “funny money”, in fact it is now a force to be reckoned with. Dig a little further and you will find Bitcoin is actually an extremely fascinating concept. Bitcoin is an internet digital currency. Unlike other digital currencies like PayPal, Bitcoin is decentralized. Decentralization, in the context of Bitcoin, means every transaction made on the Bitcoin network can be viewed by anyone around the whole world. Furthermore, all the information of Bitcoin transactions is downloaded onto every Bitcoin users computer making it impossible to shut down the Bitcoin network.
The Bitcoin protocol cannot be hacked and if backed up correctly can be even safer then storing your money in a bank. Bitcoin can be used to buy things in the real world. Want a new TV? A cup of coffee to start the day? Try paying for it with Bitcoin. “At its core, bitcoin is a smart currency, designed by very forward-thinking engineers. It eliminates the need for banks, get rid of credit card fees, currency exchange fees, money transfer fees, and reduces the need for lawyers in transitions… all good things”

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