Bitcoin | Bitcoin Value (or) Bitcoin Price | Bitcoin News

                                             Bit-Coin

About Bitcoin:

“Bitcoin” is a digital currency without having any central bank and it is a cryptocurrency. The first “Bitcoin” is created on 9 January 2009. The original author of Bitcoin is “Satoshi Nakamoto”.Bitcoin is created as a reward by the process of mining. Bitcoin is also used as an investment. At first, the domain name of “Bitcoin.org” was created on 18th August 2008. Satoshi Nakamoto created the bitcoin software and implemented it as an open-source code on 9th January 2009.

“Cypherpunk Hal Finney” was the first person to download bitcoin software and received 10-bit coins on 12 January 2009. In the year 2012 bitcoin price was started growing from $ 5.27 to $ 13.39 in a year and the price of bitcoin increased from $ 13.39 to $ 770 on 1 January 2014. People’s banks in china ordered the Chinese financial companies on 5 December 2013 as the use of bitcoin is not legal. Bitcoin mining can be mined by using computer processing power. From 2009 to 2020 the bitcoin price is rapidly increased and it is still increasing.

Value Of Bitcoin:

           

At present, the price of 1 single bitcoin is $ 9285.54. Actually, bitcoin can be stored on a computer file of having a digital wallet. We can transfer bitcoin from one person to another person’s digital wallet. Mainly Bitcoin is used to buy & sell things that accept the bitcoin as a payment method. There are mainly three methods of obtaining bitcoin. But mining is the main method used by most of the people to gain bitcoin. We can convert bitcoin into cash by using a bitcoin ATM or by selling bitcoin in a cryptocurrency exchange agencies like Coinbase.

After converting of bitcoin in Coinbase we can transfer the amount to our bank accounts. According to the united states on an average of nearly $ 4,758 is used to mine a single bitcoin and it took nearly 900 days to mine a bitcoin. Nowadays bitcoin miner is legist mining software that used to mine bitcoin by most of the people. Mining of bitcoin is also legal in most of the countries and the network of bitcoin is a peer to peer.

Bitcoin Network:

                  

Peer to Peer network is also known as a P2P network. It is a computer network that connects each other via the internet and these files can be shared via the internet without having any server. At present World Health Organization ( WHO ) has declared a global health emergency because of coronavirus. Due to coronavirus and the conditions having in the global economy there is a slight increase in bitcoin price. Every bitcoin user has a private and unique key to access to their bitcoin accounts. If anybody accidentally lost this key or forgets the code then there is no way to recover their bitcoins and it is an unbreakable safe.

Crazy Bitcoin Stories: 

According to studies, nearly 20% of bitcoins are unrecoverable because of losing their key. James Howells is a bitcoin miner and he has 7500-bit coins in 2009. He stored all his private bitcoin keys in a hard disk. After some years he had two similar hard disks the one of the hard disk is empty and corrupted and the other hard disk has his bitcoin private keys. By mistake, James Howells throws the hard disk having bitcoin private keys instead of throwing corrupted and empty hard disk. At present, the amount of 7500-bit coins is nearly $ 79 million. By doing some silly mistake James Howells lost $ 79 million.

Similar to James Howells a person called Syl Turner was a software engineer. He mined 2-bit coins and he saved the private keys in his computer. He thought that bitcoin is not so valuable at that time so he didn’t care about his bitcoin private keys on his computer and after some days he bought a new laptop and stopped working on his computer. In 2017 he saw the value of bitcoin and he recalled that he mined to two-bit coins and stored in his computer. He checked the computer for his keys but the computer was not working and all the data was erased. Due to his silly mistake, he lost nearly $ 35000.