About Bitcoin
Bitcoin is a cryptocurrency that was born as a replacement for traditional money. The main purpose of the network is to carry out payments and money exchanges in a way that does not require intermediaries such as a bank.
The History of Bitcoins – The Story of the Anonymous Creator
Bitcoin’s news is regularly related to someone claiming to be the creator of Bitcoin. The truth is that no one knows who created the Bitcoin. In any case, we don’t think it’s really relevant to its use. However, we also recognize that we are curious. The story goes that in 2009 Satoshi Nakamoto introduced Bitcoin to his colleagues in a cryptography mailing list. A year later, Satoshi disappeared and no one knows who he really is.
Various attempts have been made to ascertain his real identity, from those who studied grammar while writing to those who researched the times when he was active and posting on forums. From that research, the most plausible idea is that Nakamoto is not a person, but more than one person because of the perfection of the code. Various Bitcoin news seems to point to someone like Satoshi Nakamoto multiple times, but it has never been confirmed.
Is Bitcoin legal?
Legality is another common topic regarding Bitcoin news. Today Bitcoin is not illegal in most countries in the world, although we cannot say that it is legal in most countries either. However, Bitcoin is legal in the Netherlands. Governments have long ignored its existence and now it seems they are starting to think about how to regulate this and the other cryptos.
Is Bitcoin safe?
Security is a major concern for new people interested in Bitcoin. The security of the coin also regularly makes the Bitcoin news. In this regard, Bitcoin is as safe as any other currency. There have been hacks, but the problems are more related to the wallets or exchanges than to Bitcoin itself.
The main problem with Bitcoin theft is that governments do not consider it money or a real asset, in some cases a victim may have trouble filing a complaint with the police. That said, once Bitcoin has been stolen due to its anonymous nature, it is very unlikely to be recovered. So a declaration would unfortunately often not be very useful. But looking at Bitcoin itself, we have to say that it is safe. This makes transactions final, which means a nice level of security for people selling things with Bitcoins.
With Bitcoins, scammers cannot use the chargeback strategy they use with credit cards. The reliability of Bitcoin is based on the fact that you have to control more than 50 percent of the nodes to change the blockchain, which is impossible in practice.
What are the strengths of Bitcoin?
There are several major benefits that could motivate Bitcoin news to say that this crypto has finally reached its goal of being generalized. For example:
- It works 24/7. Unlike a bank transfer, you can send money any day of the year.
- It does not require sensitive personal information.
- Sellers cannot charge you. You have to send the money, which prevents many types of fraud.
- The protocol is cryptographically secured.
- Transactions are cheaper than with traditional methods and the costs do not depend on the amount sent.
Bitcoin weaknesses
To become a useful currency and make payments, Bitcoin would have to avoid all Bitcoin news about its price changes. The volatility is so high that it makes no sense to pay anything with Bitcoin at this point, as the value of the money can vary by 10 percent or more within hours. Some other weaknesses:
- Acceptance: Even if almost everyone knows that Bitcoin exists and that it is money, the proportion of the population willing to accept a payment is still very small.
- Uncertainty about future regulations: In principle, regulation should be accompanied by more security for the average user, but there are many conflicts of interest with regard to Bitcoin and regulators. It also seems that major changes may occur that always involve a certain degree of uncertainty.
How to use Bitcoin news
If you are looking for Bitcoin news, chances are you are an investor or are considering investing in the coin soon. It is very important to follow and read Bitcoin news to try and predict future price variations; however, we do not recommend investing on the news alone. Technical analysis can also help predict the Bitcoin price. Funds and people with huge amounts of money can generate Bitcoin news to influence the market. So it is important to analyze how Bitcoin news has affected the price in the past.
We also always recommend using technical analysis to supplement your opinion about Bitcoin’s future prices. By combining news with other data, you can create your own investment system that will hopefully help you make a profit in the long run.
Learn from the past and make yourself an experienced investor.