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Bitcoin value exceeds gold for the first time

What are bitcoins?
FACT
Bitcoins are a type of digital currency that are held electronically. Popularly known as cryptocurrency, bitcoins are used like other regular currencies for making purchases and transactions online. But bitcoins aren't regulated or centralized. No institution controls the digital currency.

How do bitcoins operate?
Working
  • A bitcoin user, with an installed bitcoin wallet on the computer or a mobile device, uses a bitcoin address to make online transactions.
  • The entire bitcoin network is mapped to a shared public ledger, which is enforced with cryptography and collects all the transactions that were made.
  • As soon as a transaction request is placed, it gets added to the ledger and processes payment.

  • 2016: Bitcoins trump all currencies this year
    18 Dec 2016
  • Digital currency bitcoin topped the currency charts this year, according to data reported by Bloomberg.
  • The reports stated that the bitcoin's price had surged by a whopping 79 percent since the start of the year to touch $778.
  • This was pitched to be the biggest increase over the last three years.
  • The increase topped the biggest gains made by Brazil's real and Russia's ruble.

  • Bitcoin users surge amidst uncertainty over national currencies
    FACT
    "There are starting to be consumer uses for bitcoin, and if people have any concerns about their own fiat currency -the rupee, for example - they flee to bitcoin as an alternate currency," said Tim Draper, a venture capitalist.

    Bitcoin fees increase by 557%
    Increasing value
  • Bitcoins have seen their fees increase by a massive 557 percent, research data has shown.
  • This stupendous increase translated to its value surging by around 1013 percent in terms of dollar.
  • Another positive for the bitcoin network is the appreciating value for bitcoins, which nearly doubled this year from $440 to touch a peak of $800.

  • Bitcoin usage catches up across the globe
    FACT
    With many countries witnessing fluctuating values in their currencies, bitcoins have seen their usage surge. Venezuela currently has over 85,000 users from a meagre 450 in 2014. The Swiss Railways are also innovating with ticket machines, by selling bitcoins at the stations.

    Bitcoin surges at end of 2016
    26 Dec 2016
  • The e-currency Bitcoin has seen a surge in value in 2016 despite several hack attacks that stole thousands of bitcoins this year; valued at $465 at the start of 2016, the virtual currency now stands at $900
  • Experts have linked its value growth to the depreciation of the Chinese Yuan.
  • However, it is still short of its all-time high valuation of $1000 in 2013.

  • Bitcoin value exceeds gold for the first time
    03 Mar 2017
  • The value of a unit of Bitcoin has for the first time exceeded the value of a troy ounce (31.1 gm) of gold.
  • The Bitcoin closed at $1,268 on Thursday while gold stood at $1,233.
  • The current high marks a huge reversal for Bitcoin as its value had plummeted in 2014.
  • Surging demand in China could explain the high Bitcoin prices.



  • This post first appeared on NewsBytes: Latest News, Breaking News India, Today News, Current News, please read the originial post: here

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