How does Bit­coin main­tain its value?

HWM (Singapore) - - Feature -

The re­stric­tive en­cryp­tion on Bit­coin con­trols the creation of ad­di­tional units, as new blocks are only pro­duced when the en­cryp­tion is solved – we cov­ered the tech­ni­cal­i­ties of Bit­coinʼs blockchain record­ing in HWM March

2017. Its avail­abil­ity and growth strongly re­sem­bles the ef­fort re­quired for min­ing of gold and sil­ver in the early days; in Bit­coinʼs case, it takes signi cant com­pu­ta­tional power to solve its en­cryp­tion, and it as a hard up­per limit for its to­tal cir­cu­la­tion. When it was rel­a­tively un­known in July 2010, 1BT (one Bit­coin) was merely US$0.07. As of early June 2017, 1BT is worth US$2,824.99, ac­cord­ing to Googleʼs cur­rency ex­change rate.

Newspapers in English

Newspapers from Singapore

© PressReader. All rights reserved.