The Matador Messenger

What is Bitcoin and How it Works

Photo Courtesy of upr.org

Photo Courtesy of upr.org

Hang on for a minute...we're trying to find some more stories you might like.


Email This Story






Bitcoin, a worldwide cryptocurrency payment system created by Satoshi Nakamoto is surging in success and in stock as more people learn about the currency and invest in it. The cryptocurrency recently pulled up to 15,800 USD per Bitcoin, according to Bitcoin.org.

Bitcoin was created on August 1, 2009 by an anonymous person or group of people using the alias Satoshi Nakamoto. Originally, 1 Bitcoin valued at 0.39 USD in 2009-2010. Today, 1 Bitcoin values at 15,800 USD and is now the world’s most popular cryptocurrency, according to Metro.

Setting up a Bitcoin account/address can take seconds, with no questions asked and no fees payable. Meanwhile conventional banks make you jump through hoops simply to open up a bank account. Users can hold multiple bitcoin addresses, and none of them are linked to any names, addresses, or any other personal information. Bitcoin stores details of every single transaction that ever happened in the network in a huge version of general ledger, called blockchain, according to coindesk.

In order to make transactions with your Bitcoin address, you must first get a Bitcoin Wallet. There are four types of Bitcoin Wallets-Online Bitcoin Wallets, Software Wallets, Bitcoin Hardware Wallets, and paper wallets. A Bitcoin Wallet is software that enables users to receive, store, and send Bitcoins by empowering users to create and manage a collection of Private Keys. Private Keys are numbers that a user keeps discreet using a Bitcoin Wallet that enables them to transact Bitcoins by completing a math problem that the Bitcoin Network can validate, according to weusecoins.com.

Bitcoin is in fact interilly legal, but in 2013, the FBI shuttered Bitcoin. In 2013, Bitcoin was the sole currency accepted on Silk Road and the Dark Web used to buy drugs and other illicit goods. Since then, Bitcoin has largely evaded regulation and law enforcement in the U.S., although Bitcoin is under increased scrutiny as it attracts more mainstream attention, according to cnet.com.

Print Friendly, PDF & Email

1 Comment

One Response to “What is Bitcoin and How it Works”

  1. Aidan Amaya on February 6th, 2018 8:31 pm

    I was surprised to find out that one bitcoin was 15,800 USD

If you want a picture to show with your comment, go get a gravatar.




*

Navigate Left
  • What is Bitcoin and How it Works

    Science and Technology

    Tiny Fern Could Help Fight Climate Change

  • What is Bitcoin and How it Works

    Science and Technology

    Scientists Make a Thrilling Discovery in the Science of Aging

  • What is Bitcoin and How it Works

    Science and Technology

    Mummification Workshop Discovered in Egypt by Archaeologists

  • What is Bitcoin and How it Works

    Science and Technology

    Small Asteroid Flies Over South Africa Just Hours After Being Detected

  • What is Bitcoin and How it Works

    Science and Technology

    A Record Breaking Storm Hits the Southern Ocean

  • What is Bitcoin and How it Works

    Science and Technology

    Lanternflies, New “Unicorn” of the wild

  • What is Bitcoin and How it Works

    Science and Technology

    Apple Unveils New iOS 12 Features At Worldwide Developers Conference Conference

  • What is Bitcoin and How it Works

    Science and Technology

    Over 100 Species Found In Bermuda Ocean Zone

  • What is Bitcoin and How it Works

    Breaking News

    Two Earthquakes Strike in Guam

  • What is Bitcoin and How it Works

    Science and Technology

    Potential Ninth in Solar System Discovered

Navigate Right
The student news site of Bernardo Yorba Middle School
What is Bitcoin and How it Works