In the past eight years, a new virtual currency has emerged from the virtual world of internet named as Bitcoin. The roaring Bitcoin price has increased from a .070$ in 2010 to 2829.85$ plus today since it launched in 2009.
A very amazing incident regarding the Bitcoin price happened in 2010 when two developers ordered pizza using 10000 units of Bitcoin. At present, the value of 10,000 units is more than $20 million. The price has just ramped up to more than 2000$ and rising.
- 1 What is a Bitcoin and who invented it?
- 1.1 Ever since it came into existence, the Bitcoin price increased from a minimal value less than a dollar to a whopping 2000$(in just eight years).
- 1.2 Bitcoin Price Chart Graph Live
- 1.2.1 How is the Bitcoin generated and by whom?
- 1.2.2 How to become a miner and mine Bitcoins?
What is a Bitcoin and who invented it?
This is a cryptocurrency in which encryption is used to produce a value and that value adds to be a unit. The encrypted code is an algorithm which is needed to be solved to get the Bitcoin. The Bitcoin is mined by solving the algorithm by the miners. It is a first decentralized digital currency or does not need banks to regulate and hence very low taxes are paid on the transactions. The transfer of Bitcoin is peer to peer with no involvement of banks or any authority. There is information that says Bitcoin is developed by an unknown programmer or a group of programmer named as Satoshi Nakamoto.
Ever since it came into existence, the Bitcoin price increased from a minimal value less than a dollar to a whopping 2000$(in just eight years).
|2009||None||A user auctioned 10,000 BTC in 50$ but no buyer purchased it|
|2010||.01USD||Laszlo Hanyecz bought pizza for 10000BTC|
|2011||1USD, Rise to 13USD to again fall to 2USD||One BTC is at par with one Dollar.|
|2012||Stable at 13USD||Slow rising|
|2013||Steep rise to 266$ then 1000 $ But stable at between 650-800USD||A good jump but again the Bitcoin price fall to around 800$|
|2014||At start 1000$, come to 450$. Finally hit 630$||Value increased to 1000$ but come down to 630$ by December|
|2015||200$-300$(fall)||Bitcoin prices fall to 300$|
|2016||Start at 450$ and ends at 750$||Bitcoin hit to maximum 750$|
|2017||Start at 920$ then 1290$ and finally 2000$ plus||Bitcoin price has reached to maximum in history above 2000$|
https://en.wikipedia.org/wiki/History of Bitcoin
Bitcoin Price Chart Graph Live
How is the Bitcoin generated and by whom?
The Bitcoin is generated through mining process, an encrypted algorithm which is solved by a miner. Miners are those who mine it through use of software and hardware and then every single block of blockchain reward the miner with some units of the Bitcoin. According to the Bitcoin technical analysis, more than 12 million Bitcoin has come into existence.
How to become a miner and mine Bitcoins?
With the help of Bitcoin mining software which is freely available over the internet for Bitcoin technical analysis, you can join the mining pool. A mining pool is the pool of efforts of individual miners and share their resources and hashing power. This process helps each individual to get reward from their efforts on solving a block. The reward units of Bitcoin can be collected in the Bitcoin wallet also available over the internet. The mining software helps to mine a block of a blockchain which is part of algorithm associated with the Bitcoin. The hashing rate through which the algorithm solves depends on system to system. The more involvement of people in solving the algorithm more complex it has become. The difficulty rate is also rising according to the current scenario which is as given below:-
Bitcoin’s Difficulty rate: 595,921,917,085
Estimate of Next Difficulty: 633,203,891,432 (+6.26%)
Hashrate(?) : 4,275,107,452(GH/s)
The GH/S is 1,000,000,000(one billion) hashes per second.
How to get Bitcoin without mining?
There are various websites available on the internet where you can purchase or sell Bitcoin on the current rate. 1BTC = 2000$ and above, also 1BTC= 144000INR and above.
Some of the Bitcoins popular exchanges in India are given below:- https://www.buyBitcoinworldwide.com/india/ 1.Unocoin 2.Zebpay 3.Coinsecure 4.Coinmama 5.LocalBitcoins
The increasing price of Bitcoin leads to the Bitcoin trading where anyone can buy and sell Bitcoin and make profit from it. It has given Bitcoin prices, Bitcoin trading signals, and Bitcoin technical analysis.
Why has the price of a Bitcoin spiked up?
The main reason behind the overall success of Bitcoin price rise is the Japan’s adoption of Bitcoin and legalizing this cryptocurrency. The government of Japan legalizes the currency as the valid payment method. And hence the operations of cryptocurrency exchanges are authorized. Due to this reason the Bitcoin’s popularity is skyrocketing and investors of various countries are looking for opportunities here. For example in China the government has imposed strict laws on the use of Bitcoin. So the Chinese Bitcoin trading exchangers have to look for Japan’s exchanges to regulate their assets as the withdrawals of Bitcoin are suspended for few months in People’s Republic of China.
The anonymity of the user
The personal Identity of the user is concealed, but the transaction publishers over the internet in the public ledger. But the user remains anonymous until he voluntarily publishes his name. No need of personal verification.
There are no interruptions of any third party.
The system is peer to peer, hence no bank, no government or of any other intermediaries. Such that no charges or taxes are places upon the transaction. Also they cannot freeze the account or the Bitcoin under any jurisdiction. This gives user the greater experience of freedom and more innovative ideas flourish through its use.
The Transaction Fees are usually minimal
The absent of an intermediary institution such as banks or government the cost of transactions is very low. The transfers happen very quickly without a need for any authorization or delay. Frequently uses by the travellers across the globe.
Anyone can pay through Mobile
The standard wire transactions and foreign exchanges involve fees and taxes. Bitcoin transaction can easily be made through mobile only by internet access. There is no need to go to a bank or having an account in the bank. And you don’t have to face any personal details verification.