Bitcoin, understand the mystery, recent Twitter hack


5 Bitcoin mysteries to understand so you can mine for it

Invention story

The invention of Bitcoin started in 2008 by unknown person or by unknown group of people. Bitcoin started in 2009 when its source code was released as open-source software by a process called mining. Bitcoins are used and behaved like cash, but they are mined like gold. This mean that there is limited amount of Bitcoins and you have to look for it by mining for it.

Each Bitcoin is a digital currency or exactly a computer file stored in digital wallet. You can use it as money to buy stuff, to send for other persons or to receive in exchange for products of services you sell.

The central bank of Bitcoin is a public list called block chain which record every single transaction of Bitcoin.


How you can get Bitcoin

There are three different ways to get Bitcoins, either selling goods and services and accepting Bitcoin in stead of regular money (US dollar for example). The second way is to buy on an exchange like buying Euro for US$. The third and the most difficult is to mine for Bitcoins.

The inventor(s) of Bitcoin created an algorithm to search (mine) for pre-determined number of Bitcoins. It was set at 21 million Bitcoins. So far 17 million of Bitcoin was already mind. The rest still waiting for the lucky people, but mining is getting harder and harder. These 17 million are in circulation.

Since 2009, the price of Bitcoins mined has skyrocketed. The way the inventor set the system, it was a bit easy to mine in the beginning. Then it became harder as you approach the end of 21 millionth Bitcoin. By the current rate of creation by mining, the final Bitcoin is expected to be found 2140, a hard to wait for that.

Mining for Bitcoin, are you lucky?

Miners run software, a free one mostly, which is run in a special computers super fast or to run in a specialized hardware designed and manufactured for mining. It should run for a longtime before it unlock padlock and gain Bitcoin.

Mining computer

Recent Twitter hacking

with the recent twitter hacking using the name of Bitcoin is another clue of importance of Bitcoin as a lead in the market of cryptocurrency. Hackers, who used attractive celebrities personalities and star cryptocurrency to heist money by certain way, the matter is under investigation.