Not a week goes by without making bitcoin headlines. But unless you are a trader or interested in cryptocurrency, it will explode on your head.
So, why is Bitcoin in the news and why should you care? Many people see finance as the future, it can have a detrimental effect on the money in your pocket. It is debatable how much of an impact this will have on the latter, but one thing is certain.
Table of Contents
- How does it work?
- How did bitcoin come into being?
- Who is using bitcoin?
- Bitcoins are not widely useable
- Is Bitcoin Environmentally Harmful?
How does it work?
Coins are created by users who “mine” using blockchain technology to give other users the power of computing to verify their transactions. They receive Bitcoins in return.
Making the currency free as well as popular with tech fans, bookmakers. And sometimes criminals. According to the crypto exchange Coinbase, there are approximately 18 18.87 million bitcoins in circulation. And only 21 million will ever exist.
How did bitcoin come into being?
It’s a mystery. Bitcoin was started in 2009 by a person or group of people working under the name of Satoshi Nakamoto. Bitcoin was then adopted by a small group of fans.
Nakamoto left the map when bitcoin began to attract widespread attention. But supporters say it doesn’t matter, the currency is based on its internal logic.