The price of the popular digital currency bitcoin has exceeded then the value of one ounce of gold for the first time on Thursday. The price of the bitcoin reached at the top rate of $1268 while a tray of one ounce of gold is $1233 – this shows the value of the bitcoin.
The price of the bitcoin is high due to the China where the demand for the bitcoin is grown rapidly as the authorities warn the people to flowing money out of the country and attempt for trading on Bitcoin is considered to be illegal.
The price of the bitcoin is rapidly growing or changing from last year and this year it will amaze the people with the highest price higher than the ounce of the gold – the authorities are a crackdown against the bitcoin trading in China but the rates are still high.
The value of the bitcoin is growing rapidly since it was launched in 2009 – the experts and people had questions is mind what the highest price of the digital currency or whether the cryptocurrency will last?
How Bitcoin Works?
The digital currency is benefiting a lot of people and a wide range of people are looking towards the trading of the bitcoin – actually, the bitcoin is no more than a new type of currency.
It is the digital sort of the money i.e. you don’t have money in your hand but your account shows the value of your coins and can exchange your coins and generate better revenues.
The price of the bitcoin is measured by the computer machine – an algorithm is working while the higher price of the bitcoin depends on the people that how many of them want to exchange the coins. The process is known as mining i.e. a computer can solve the mathematical problem and generate the 64-bit solution – one block of the coins is processed to solve the problem.
The computer can also generate the bitcoins on regular basis to meet the extreme needs of the bitcoin – the experts added that there are 15 million bitcoins are available at the spot.
One can buy or sell the bitcoins with address – the address consists of 27 – 34 letters and numbers – it is actually a virtual box where a transaction occurs between buyer and seller of the coin – these addresses are used as bitcoin wallet where one can store his own savings.