Bitcoins is a virtual or digital means of currency exchange and
payment for goods and services.It uses a cryptographic means of
validation to make transactions.
HISTORY
'''''''''''''''''
It was established in 2008 but only gained popularity during the
recession crisis in USA and Eurozone in 2012.Was approved by congress
late this year.
Security
'''''''''''''''''
The users own wallets which contain their public identity known as
adresses.The wallets are protected by both public and private keys.A
public key is open to the public whereas private key is secret and
owned by the owner of the wallet.The private key protects users info
and access by hackers to their accounts.Its accountability has been
questioned as many users have lost their money through the private
keys. This prompted analysts to suggest,paper private keys as the
safest means in transacting instead of using a personal computer.
Apart from providing wallets to clients ,it has miners who operate
computers from decentralized locations to prevent users from double
spending (a means of copying and sending same bitcoins a number of
times).These miners are then awarded bitcoins after for verifying
transactions in a complex cryptography.
Market
''''''''''''''
The value of bitcoins has been flactuating over time making it a
volatile financial payment system.The uncertainty of bitcoins has made
it difficult for its penetration in the markets.China for example has
not implemented the use of bitcoin in banks as a means of payment.Ony
USA has accepted it as a viable means of payment.
Last week, the chief executive of bitcoin said that the company was
not worrried about its instability as the value moved from $1100 to
$600 with economist forecasting the same trend in the next coming
years.
Emerging news
''''''''''''''''''''''''''''''''
The company has been facing challenges over uncertainty of virtual
currency and insecurity.Most recent being a few days ago, when
analysts discouraged the Chinese in legalising completely bitcoin as a
viable means of transaction.
The FBI has also put to risk the protection of information as the
company is under scrutiny to curb illegal activities in the country.A
drug company has already been curbed by the agency.
payment for goods and services.It uses a cryptographic means of
validation to make transactions.
HISTORY
'''''''''''''''''
It was established in 2008 but only gained popularity during the
recession crisis in USA and Eurozone in 2012.Was approved by congress
late this year.
Security
'''''''''''''''''
The users own wallets which contain their public identity known as
adresses.The wallets are protected by both public and private keys.A
public key is open to the public whereas private key is secret and
owned by the owner of the wallet.The private key protects users info
and access by hackers to their accounts.Its accountability has been
questioned as many users have lost their money through the private
keys. This prompted analysts to suggest,paper private keys as the
safest means in transacting instead of using a personal computer.
Apart from providing wallets to clients ,it has miners who operate
computers from decentralized locations to prevent users from double
spending (a means of copying and sending same bitcoins a number of
times).These miners are then awarded bitcoins after for verifying
transactions in a complex cryptography.
Market
''''''''''''''
The value of bitcoins has been flactuating over time making it a
volatile financial payment system.The uncertainty of bitcoins has made
it difficult for its penetration in the markets.China for example has
not implemented the use of bitcoin in banks as a means of payment.Ony
USA has accepted it as a viable means of payment.
Last week, the chief executive of bitcoin said that the company was
not worrried about its instability as the value moved from $1100 to
$600 with economist forecasting the same trend in the next coming
years.
Emerging news
''''''''''''''''''''''''''''''''
The company has been facing challenges over uncertainty of virtual
currency and insecurity.Most recent being a few days ago, when
analysts discouraged the Chinese in legalising completely bitcoin as a
viable means of transaction.
The FBI has also put to risk the protection of information as the
company is under scrutiny to curb illegal activities in the country.A
drug company has already been curbed by the agency.