Published on February 6th, 2019 | by Sunit Nandi

The Current State of Bitcoin

The network of blockchain cryptocurrency is increasing rapidly day by day. People are using bitcoins and other cryptocurrencies to do trade, buy and sell their services and products and much more.

If you are new to the world of cryptocurrency, then there might be a strange question in your mind that what exactly, this blockchain network or cryptocurrency is? How it is made and where to get that. Who owns the currency and where I can exchange my bitcoins into dollars?

Image credits: Crypto Head

What is a Bitcoin?

Let me first of all, explain the whole story of bitcoin cryptocurrency and blockchain network to all the newbies who are reading about this for the first time. Bitcoin is an online currency that is created by computer code. It came into circulation in the middle of 2009 and till now, its creators have not been known by anyone. The most important thing to know about bitcoin is that it is regulated by a community and no bank is involved in the regulation of bitcoin. It requires a bitcoin wallet to be installed on the user’s cell phone or his computer.

Bitcoin Transactions

The transaction process is also referred to as bitcoin mining. The members of the community trace the origin of each bitcoin where it was spent or exchanged. All this process ensures that not even a single bitcoin is spent in more than one places simultaneously. All the bitcoin transactions are anonymous and the best part is, there isn’t any transaction fee at all. Ill the bitcoin transactions are irreversible. The price of bitcoins has a lot of fluctuations and vary from time to time. As all the transactions are anonymous, therefore, bitcoins are also widely used for illegal dealings.

Here, in this article, we will be discussing some of the latest news related to bitcoins

Latest News

Impact on Indian rupee

An interesting bitcoin news, It seems like the Indian government is not happy with the transactions to be made in bitcoins. The Indian government had a meeting with the related departments stating about the fact that there exists that transactions in bitcoins can devalue the Indian rupee and requested the officials to take the necessary steps to prevent this situation.

Portrait Sees Auction Bids of Over $30K

Cryptograffiti’s latest art auction on bitify will come to an end on Feb 7. A tribute to the most popular and legendary cryptographer, Hal Finney, “Running Bitcoin” has currently a bid of $31,000 and the auction still two more days to go.

Canadian Bitcoin Exchange CEO dies with keys to $145M of cryptocurrency

The most shocking bitcoin news was the death of Gerald Cotton that caused a huge loss to the Canadian Bitcoin Exchange. The founder and chief executive officer of crypto exchange Quadrigacx died three days ago and along with him, $145 Million also died as he had the private keys to the fortune worth $145 Million.

Kraken CEO helps Quadrigacx Case

According to the latest bitcoin news, After the death of Gerald Cotton, Jesse Powell, Kraken CEO offers his help to Canadian police to investigate the whole matter with depth and to find out the real causes of Gerald’s death. It was an expensive lesson for Iranian bitcoiner C daemon, how to keep his bitcoin safe after so much loss of his wealth.

Kraken acquires British Derivative Platform Crypto Facilities

Crypto facilities, is a British Digital Trading platform. Reports show that Kraken acquires British platforms and now will be able to offer both Spot and Futures trading in bitcoins core and also other cryptocurrencies like Bitcoin Cash, Ripple, Litecoin, and Ethereum. This will attract institutional customers and boost revenue using tools such as Bitcoin Profit.

$1 Billion Stolen from Bitcoin Exchange

It has been reported that there are two groups of hackers who have been responsible for robbing the bitcoin exchange. Not once or twice, but the group of hackers has attacked the Bitcoin exchanges several times looting an estimate of $1 billion in several incidents.

Bitcoins and Betting

As Bitcoins uses decentralized protocols, therefore it is making it very easy to gamble with cryptocurrency. As we have discussed before that Bitcoin transaction are used in many illegal businesses, gambling and sports betting is one of the very common of all. According to the rules and regulations of the United States, sports betting is outlawed, Bitcoins are being used for sports betting and multiple other gambling activities.

Tags: Bitcoin, crypto, cryptocurrency, current, State

About the Author

Sunit Nandi I'm the leader of Techno FAQ. Also an engineering college student with immense interest in science and technology. Other interests include literature, coin collecting, gardening and photography. Always wish to live life like there's no tomorrow.