So what’s the current BitCoin price at the moment? Well if you’re just here to know that, then feel free to check out our BitCoin Price here. But if you’re here to know more about the BitCoin price and its behavior, then please continue reading.
When BitCoins were first released in early 2009, there was no price associated with BitCoins since there were no existing currencies that could be directly exchanged for them. A number of early adopters began getting involved in BitCoins since they saw its potential as an alternative medium of exchange.
The BitCoin community grew and the BitCoin price in January 2011 was at $0.30. Its value was mainly based against the U.S dollar and it still is (as of this writing). After a number of ups and downs, the BitCoin price landed at around $4.25 by the end of 2011.
Bitcoins (like paper currency) will always go through trends of volatility. Unlike paper currency however, bitcoins have two advantages:
For more information on the decentralized nature of BitCoins, please read our article: BitCoins – What Are BitCoins And How Can You Benefit?
In 2013, the popularity of BitCoins grew even further. Wild speculators began jumping in and out of the market. From January to April, the BitCoin price shot up from $13.25 to $266.00. A price correction kicked in and pulled the price down to $50.00 a week later.
The United States Senate needed to have a “hearing” about BitCoins that year (because when you cannot control something that is not meant to be controlled by any government, having a so-called “hearing” is really important – note the sarcasm).
The BitCoin price peaked at around $1,240.00, but finally settled down to $800.00 by the end of 2013. It was pretty obvious that wild speculators were trying to treat BitCoins with the same wild abandon as in the “paper currency” stock markets.
The year of 2014 was the year of “market correction” where the price trend generally went down until the BitCoin price was about $325.00. This year was also very important because it was the first year of the “BitCoin Venture Capitalists”. Over $300 million dollars of venture capital investments were used to expand and enhance the BitCoin network infrastructure.
This expanded and enhanced infrastructure is what allows people from anywhere in the world to easily get a BitCoin wallet and begin trading in BitCoins – without having to be a “technology wizard”.
Venture Capitalists are adding more investment capital into the BitCoin infrastructure and BitCoins are now recognized as a true and viable alternative currency in many countries around the world. More and more online companies are accepting BitCoins as a form of payment.
The worldwide acceptance of BitCoins is very important to the stability of the BitCoin price. If you have not invested in BitCoins as yet, then there is no better time than now to do so. The BitCoin currency has indeed proven itself to be a viable alternative medium of exchange.
Bitcoins can be stored in various ways, either as digital assets or as physical assets, either online or offline. One way in which you can store BitCoins in a physical format is by creating a BitCoin paper wallet. Creating a BitCoin paper wallet is also known as placing your BitCoins in “Cold Storage”.
Bitcoins, being a digital currency, is of course subject to the possibility of attacks from hackers who, motivated by greed, would like nothing better than to steal your assets instead of acquiring their own. This is exactly why BitCoins were created with multiple options for storage.
Placing your BitCoins in “Cold Storage” is a good way to ensure the security and safety of your BitCoins, but there are factors that you would need to consider when using this method. In this article we’ll cover those factors and also guide you in creating your very own BitCoin paper wallet.
In its simplest terms, a BitCoin paper wallet is simply the digital codes of your BitCoin data, printed directly onto a sheet of paper. The paper wallet contains copies of the public and the private keys that are used to access your BitCoin data.
It goes without saying that it is very important to hide your printed data in a safe place (like a safety deposit box for example). If an unauthorized person gets access to your paper wallet (and they actually know how to use it) then your BitCoins are gone. Another factor to keep in mind is that paper and ink degrade over time, so make sure that this document is in a safe and dry place. Don’t forget to have a look at it every once in a while and print out another one if needed.
To perform a transaction from your paper wallet, all you’ll need to do is scan the QR Codes (also printed on your paper wallet) and add the data to your software wallet.
Creating a BitCoin paper wallet is actually very simple. Follow the steps below to create your wallet:
1. Go to the following website: http://www.bitaddress.org/
2. Move your mouse cursor around the screen for about 30 seconds or randomly enter characters in the box provided. This adds extra random data to your keys – making it even more secure.
3. Once the process is complete, a new page will automatically open. Your public and private keys will be displayed with their respective QR codes.
4. Next, click on the “Paper Wallet” tab.
5. Specify the number of BitCoin addresses that you would like to generate. Modify other settings as needed.
6. Click on the “Generate” button.
7. Once the wallets are generated, click on the “Print” button to print out your BitCoin paper wallets. Make sure to use high quality paper – keeping in mind the important factors of proper storage that were mentioned above.
Now that your BitCoins are in “Cold Storage”, whenever you need to use them, all you need to do is scan the QR codes (using your phone’s camera) into your BitCoin mobile app. A BitCoin paper wallet is essentially un-hackable since a hacker will not be able to find this wallet anywhere online.
As always, treat your BitCoin wallets (whether online, offline or paper) with the same level of security as you would treat your wallet in your pocket and you’ll do just fine.
In this article, we’ll discuss the aspect of using a Bitcoin wallet to safely store your BitCoins. In a relatively short space of time, BitCoins have earned its place as a viable alternative to paper (fiat) currency.
With that said, it is very important for you to know what BitCoin wallets are and how to safely store your BitCoins in your wallet. You will need to treat your BitCoin wallet in the same way that you treat your physical wallet in your pocket. You would not leave your wallet on some random table for anyone to pick up, now would you?
You can create your BitCoin wallet either offline or online. The method that you use is directly dependent on your own personal security needs.
With an online BitCoin wallet you can easily perform transactions in any location where you have internet access and on any desktop or mobile device. This gives you the freedom, for example, of moving to another country with well over $10,000 worth of BitCoins.
The security measures in place for keeping your BitCoins online are getting better every day. But like everything else in life – nothing is perfect. If the website where you store your BitCoins does not have a high amount of security, there’s a good chance that the website could get hacked. If this happens, some or even all of your BitCoins can be stolen – and there are no ways to automatically retrieve BitCoins once they are transferred to another account.
There are ways of increasing the security of your online wallet such as enabling two-factor authentication (available on all reputable online wallets), where you can enter your password and then receive a text message on your mobile phone with a second code.
Besides using two-factor authentication, you should also use a lengthy password (mixed with letters, numbers and symbols) and make sure to backup your wallet in an offline location.
Nothing is completely impervious to persistent hackers, but using these strategies will give hackers a really hard time – thereby forcing them to move to easier targets.
Here is a list of popular online bitcoin wallets:
If you are worried about your BitCoins being stolen from your online wallet, then your best alternative is to download an offline wallet and store your BitCoins on your desktop computer.
Here’s a list of popular desktop BitCoin wallets for both Windows and Mac computers:
If you are not very tech savvy when it comes to BitCoins, then it is recommended that you should use one of the simpler Bitcoin wallets, like “MultiBit HD” for example.
An offline BitCoin wallet needs to do the following:
Bitcoin wallets would have different additional features, but the ones mentioned above are the most important. Take your time and see which one of these wallets would be right for you. More details on the features of these offline BitCoin wallets can be found here: https://bitcoin.org/en/choose-your-wallet.
As you can see, with BitCoins you have lots of options when it comes to storage and performing transactions. Just use your BitCoin wallet in the same way that you use your physical wallet – the difference being that your digital wallet can perform transactions on a worldwide scale. So if you don’t have a wallet as yet, have a look at the options provided. Take your time and see which BitCoin wallet solution is right for you.
If you are new to cryptocurrency and you don’t know what a satoshi is, then this article is for you. In our previous article we talked about what Bitcoins are and how you can benefit from earning them. But exactly how many bits make up a Bitcoin?
Understanding what bits are (and how to earn them) would play a valuable role in your endeavor to earn Bitcoins and increase your net worth.
Every Bitcoin is divided down into 8 decimal places – so every Bitcoin contains 100 million bits, each bit is called a ‘satoshi’, (named after the mythical Bitcoin creator Satoshi Nakamoto).
This is an example of 1 satoshi: 0.00000001
Now you might say to yourself “There’s no way for me to earn 100 million satoshi to earn a Bitcoin” – and you would be wrong in saying that. There are many websites on the net that literally give away thousands of free satoshi every single day. All you need to do is simply use these websites on a daily basis to earn free satoshi.
The value of Bitcoins has gone way up compared to its early days (when you could have bought a Bitcoin for just a dollar). So if you were lucky enough to buy Bitcoins in the very early days – you would be allot richer right now.
That does not mean however, that the “Bitcoin ship” has sailed and you missed it; you can still get Bitcoins right now – by either investing directly in Bitcoins or by earning Bitcoins for free. The Bitcoin market is still wide open for everyone to access and it has earned its place as a stable form of alternative currency.
There are two key indicators that you should take note of:
The THOUSANDS of “satoshi” that you can earn for free right now will have even greater value in the future. Now is indeed the right time to invest in, or get involved in Bitcoin – or get a LOT of satoshi for free, while you still can.
The beauty of earning thousands of satoshi per day is that it is an extremely simple task that will take you less than 30 minutes per day. Just imagine what your Bitcoins and satoshi would be worth five years from now – and that should be all the motivation you need.
Bitcoins are a decentralized, open-source, worldwide digital currency. It is not controlled by any bank or owned by any government.
Unlike other currencies (which can be easily manipulated and controlled) Bitcoin transactions are transparent and can be verified on the global Bitcoin spreadsheet – referred to as the “BlockChain”.
The BlockChain is made up of thousands of computers around the world, all verifying transactions within the Bitcoin network.
The spreadsheet (BlockChain) is actually duplicated and synced live around the world through thousands of computers. This process is very similar to a peer-to-peer system which has no focused centralization, thereby not allowing any single person or organization to manipulate the BlockChain data.
The only essential component that you need to perform Bitcoin transactions is a Bitcoin wallet. Bitcoin wallets are free – you should never have to pay to use a Bitcoin wallet. You can download and install Bitcoin wallet software on your computer (or mobile device) or you can sign up for an online wallet service.
Bitcoin transaction fees are a fraction compared to the cost of a credit card transaction or a bank transfer fees. Also, when compared to other international online transactions, the time taken for verification is dramatically reduced – on average; a transaction is verified within 20 to 30 minutes.
Unlike traditional currencies, Bitcoins are not printed. There is simply no need to do such a thing – it is completely unnecessary.
Banks around the world simply print out more and more money in a vain attempt to cover their national debt. This constant “money printing” floods the market – thereby reducing the actual value of the currency.
Bitcoins however are created digitally by many people around the world. Do you have a good working computer? If you do, then you can create (mine) Bitcoins. Bitcoins are “mined” using computing power in the distributed worldwide network. “Bitcoin Mining” is the task of processing and securing each transaction to verify and lock them into the “BlockChain” ledger.
So is there an upper limit to the total amount of Bitcoins that are in use around the world? Yes there is. The Bitcoin protocol – the code and mathematical rules that Bitcoins are based on, state that there will only ever be a total of 21 million Bitcoins created by miners.
This finite number means that Bitcoins are deflationary, rather than inflationary like all other national currencies; i.e. because the banks are constantly printing more money to cover debt and to fill new loans, the value of the other currencies as a whole falls – thus we have inflation.
However with Bitcoins, only 21 million can ever be created, so this currency is deflationary. As the demand for Bitcoins rise, so will its price, since there is a fixed, definite, limited supply of Bitcoins to trade.
Now you’re probably asking yourself “Well if there are only 21 million Bitcoins to trade, how can this be all shared with billions of people”? Well here’s the answer. Every individual Bitcoin is broken up into 8 decimal places (0.00000000) so there are 210 trillion units of Bitcoin in use. There are more than enough Bitcoin units (also known as satoshi) to share with everyone around the world many times over.