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Bitcoin

About Bitcoin

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What is Bitcoin

A type of cryptocurrency, Bitcoin is a digital currency created in January 2009 following the housing market crash. Bitcoin offers the promise of lower transaction fees than traditional online payment mechanisms and is operated by a decentralised authority, unlike government-issued currencies. There are no physical bitcoins, only balances kept on a public ledger that everyone has transparent access to, that – along with all Bitcoin transactions – is verified by a massive amount of computing power. Balances of Bitcoin tokens are kept using public and private "keys," which are long strings of numbers and letters linked through the mathematical encryption algorithm that was used to create them.
 
The public key (comparable to a bank account number) serves as the address which is published to the world and to which others may send bitcoins. The private key (comparable to an ATM PIN) is meant to be a guarded secret and only used to authorize Bitcoin transmissions.
 
Who created bitcoin
 
The identity of the person or persons who created the technology is still a mystery.
 
How does Bitcoin work
 
Each Bitcoin is basically a computer file which is stored in a 'digital wallet' app on a smartphone or computer. People can send Bitcoins (or part of one) to your digital wallet, and you can send Bitcoins to other people. Every single transaction is recorded in a public list called the blockchain. This makes it possible to trace the history of Bitcoins to stop people from spending coins they do not own, making copies or undo-ing transactions.
 
How to get Bitcoin
 
There are three main ways people get Bitcoins.
 
  • You can buy Bitcoins using 'real' money.
  • You can sell things and let people pay you with Bitcoins.
  • Or they can be created using a computer.
 
Is bitcoin safe?
 
Every transaction is recorded publicly so it's very difficult to copy Bitcoins, make fake ones or spend ones you don't own.
 
It is possible to lose your Bitcoin wallet or delete your Bitcoins and lose them forever. There have also been thefts from websites that let you store your Bitcoins remotely.
 
The value of Bitcoins has gone up and down over the years since it was created in 2009 and some people don't think it's safe to turn your 'real' money into Bitcoins.
 

Latest Updates on Bitcoin

Until recently, only a handful of luxury brands including LVMH watch labels Hublot and Tag Heuer as well as Kering-owned fashion brands Gucci and Balenciaga have experimented with crypto payment offer

Updated On: 18 Dec 2024 | 1:35 PM IST

Crypto markets have seen large gains since Trump's election victory as the industry expects a more friendly regulatory environment

Updated On: 17 Dec 2024 | 11:00 PM IST

Early indicators point to a weaker start, as GIFT Nifty futures were trading 51 points lower at 24,687 around 6:31 AM

Updated On: 18 Dec 2024 | 12:19 AM IST

Bitcoin, the world's biggest and best known cryptocurrency, extended gains to a session high of $107,148 and was most recently at $106,877, up 5.43% from late Friday

Updated On: 16 Dec 2024 | 11:09 PM IST

Bitcoin soared above $106,000 for the first time, buoyed by signs President-elect Donald Trump will go ahead with a potential strategic bitcoin reserve

Updated On: 16 Dec 2024 | 7:15 PM IST

Bitcoin, the world's biggest and best known cryptocurrency, hit a high of $106,533 and last traded at $105,688

Updated On: 16 Dec 2024 | 8:41 AM IST

Go with an exchange that offers security features such as two-factor authentication (2FA), withdrawal whitelist, and encryption

Updated On: 10 Dec 2024 | 10:13 PM IST

President-elect Trump is World Liberty Financial's chief crypto advocate, and sons Eric, Don Jr and Barron are ambassadors, according to the WLF website

Updated On: 09 Dec 2024 | 8:43 AM IST

At present, industry estimates suggest that India has around 40 million active crypto investors

Updated On: 05 Dec 2024 | 10:18 PM IST

Bitcoin, world's best known cryptocurrency, has been on a tear since November on expectations that Donald Trump's US election win will usher in a friendly regulatory environment for cryptocurrencies

Updated On: 05 Dec 2024 | 4:49 PM IST

Indian investors are now viewing Bitcoin as a viable option for wealth creation

Updated On: 05 Dec 2024 | 4:27 PM IST

More than 16 years after its creation, bitcoin appears on the cusp of mainstream acceptance, despite naysayers and a history of controversies

Updated On: 05 Dec 2024 | 10:30 AM IST

Groups of Bitcoin and Ether exchange-traded funds each posted record monthly net inflows in November, at $6.5 billion and $1.1 billion respectively

Updated On: 03 Dec 2024 | 8:55 AM IST

The digital asset fell as low as $95,776 on Sunday after coming within $300 of the six-figure milestone on Friday

Updated On: 25 Nov 2024 | 8:10 AM IST

Bitcoin is at the doorstep of $100,000, just two years after dropping below $17,000 following the collapse of crypto exchange FTX

Updated On: 22 Nov 2024 | 7:13 PM IST

Mehta has been questioned since the afternoon in connection with the case. The officers quizzed him regarding the tapes and documents related to alleged investments in cryptocurrency

Updated On: 21 Nov 2024 | 9:58 PM IST

Bitcoin prices topped $98,000 for the first time during European trading, and were last up around 4 per cent on the day

Updated On: 21 Nov 2024 | 5:17 PM IST

The crypto market as a whole consolidated gains of approximately $900 billion since Trump's election victory on Nov. 5, based on data from CoinGecko

Updated On: 21 Nov 2024 | 10:43 AM IST

Officials said all aspects related to the alleged involvement of Mehta in the scam are being looked into and the CBI may expand the scope of its investigation

Updated On: 21 Nov 2024 | 6:34 AM IST

After years in the political wilderness, crypto executives are scrambling to execute a policy wish list that could fundamentally transform the industry's standing in the United States

Updated On: 14 Nov 2024 | 11:20 PM IST