Bitcoin Basics

For someone unfamiliar with Bitcoin, the first question that comes to mind is, “What is Bitcoin?” And another common question that is often asked is related to the price of Bitcoin. It started at less than 10 cents per bitcoin after its introduction in early 2009. Since then it has risen steadily and recently hovered around $4000 per bitcoin. So it is the most notable appreciation of value in terms of Bitcoin price or Bitcoin rate and it has created many millionaires in the last eight years.

The Bitcoin market is worldwide and citizens of China and Japan along with other Asian countries have been very active in buying it. However, recent Bitcoin news has seen the Chinese government attempt to clamp down on its activity in the country. This action pushed down the value of Bitcoin for a while but it soon bounced back and is now close to its previous value.

Bitcoin history chart is very interesting. Its creator was an anonymous group of brilliant mathematicians (using…

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