Well, many of us have heard this term, yet we are not aware of its use or to be more precise, many folks don’t even know the B of Bitcoin. In the past few days, Bitcoin was in much demand as it was the only mean for paying ransom amount in Wannacry Ransomware attack. Victims were asked to pay a ransom of $300. In this post, we shall discuss each and everything that you need to know about Bitcoins.
What Is a Bitcoin?
Bitcoin is a digital payment system and a type of cryptocurrency that was introduced in the year 2009. A cryptocurrency (or cryptocurrency) is a digital asset that works as a medium of exchange to secure the transactions and to control the creation of additional units of the currency. Cryptocurrencies are a subset of alternative currencies, or specifically of digital currencies. Bitcoins don’t represent any physical currency, rather it is used for only balances kept on a public ledger in the cloud. All the transactions are verified by a massive amount of computing power. Bitcoins are not issued or authorized by any banks or governments. Also, Bitcoins don’t have any individual value as a commodity. Going by the books, Bitcoins are not legal across major parts of the world, yet it charts high on popularity.
Who Created Bitcoins?
Well, this is an unsolved mystery. As of date, no one is aware of the creator of Bitcoins. It is believed to be invented by an unknown programmer, or a group of programmers, under the name Satoshi Nakamoto. It was released as open-source software in 2009. It is believed that the creator of Bitcoin wants to be anonymous as the present value of total Bitcoins is estimated to be more than $15 Billion. This is a huge amount and a person responsible for this much amount can be an easy target for many criminals.
What Is The Market Value Of A Bitcoin?
As of today(26th May 2017), the value of a Bitcoin is 2,789.99 US Dollar or simply 1,80,114.50 Indian Rupee. There has been a sudden jump in Bitcoin’s worth as it was priced at $1223 in April 201 and around $770 in December 2016. One interesting incident that I recall is a man who once bought Bitcoins worth of $27, and then he forgot about it. In 2013, he found out that at that time, those Bitcoins had a net worth of around $886,000. Well, he could have never imagined of an investment with such high returns. It is also believed that Bitcoins have a very fluctuating tendency and it can crash in upcoming times.