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Why You Need To Know About Bitcoin

Why You Need To Know About Bitcoin

By Ryan Velez

Even for those who don’t follow developments of the cryptocurrency Bitcoin, what they likely do know is that it is volatile, which means those that choose to invest in it can be rejoicing or terrified at any given day. However, Celebrity Net Worth has recently shared a development that any Bitcoin follower will be looking to learn more about, as for a brief time, Bitcoin was more valuable than gold.

Engadget records the momentous day as Friday, March 3rd, 2017, when Bitcoin overtook the per-ounce value of gold at $1,238.11 per unit. The single unit of Bitcoin, (known as a bitcoin) at that point, was more valuable than an ounce of gold, only worth $1,237.73 per ounce. Granted, while this only may be a difference of less than a dollar, when you considered how long gold has been a form of currency compared to Bitcoin, this is truly a major development for bitcoin investors and activists alike.

Alas, not all things are meant to last, and soon enough, gold would take its former place above Bitcoin. At the time of Celebrity Net Worth’s article, a single bitcoin was worth $1,188.98 versus $1,213.10 for an ounce of gold. This level of proximity is good news for Bitcoin advocates, though. Many of them compare the two often, hoping for the rise of a “Bitcoin standard” for safe investing that is independent of developments with the rest of the economy.

Bitcoin was invented by an unidentified programmer or programmers using the name of Satoshi Nakamoto, introduced in 2008 then released as open-source software in 2009. Bitcoins are created as a reward in a competition in which users offer their computing power to verify and record Bitcoin transactions into a public distributed ledger known as the blockchain. This activity is referred to as mining and successful miners are rewarded with transaction fees and newly created Bitcoins of their own. It has been reported that as of February 2015, over 100,000 merchants and vendors accept Bitcoin as payment. Some have expressed concern over the usage of Bitcoin transactions by criminals, but officials have noted that it can also be used for legitimate financial services.

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