Bitcoin

Bitcoin 

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1 Bitcoin equals

13998.14 US Dollar

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1 Bitcoin equals

891181.16 Indian Rupee

what is Bitcoin ;

Bitcoin is a cryptocurrency, or a digital currency, that uses rules of cryptography for regulation and generation of units of currency. Bitcoin falls under the scope of cryptocurrency and was the first and most valuable among them. It is commonly called a decentralised digital currency.  

How Bitcoin works  

Bitcoins are completely virtual coins designed to be ‘self-contained’ for their value, with no need for banks to move and store the money.  

Once you own bitcoins, they possess value and trade just as if they were nuggets of gold in your pocket. You can use your bitcoins to purchase goods and services online, or you can tuck them away and hope that their value increases over the year .. 

How do you get a bitcoin 

First, get yourself a bitcoin wallet. Next, you will need a place to store your new bitcoins. In the bitcoin world, they're called a 'wallet' but it might be best to think of them as a kind of bank account. Depending on the security levels you want, different wallets will provide different levels of security.

How do you convert bitcoin to cash 

1. Make an account. You will need to provide a postal address, and verify a credit or debit card, PayPal account, or bank account
2. Sell your bitcoins. Click on Sell Bitcoins under the Trade section on the left side of the screen.
3. Withdraw your money.

How Many Bits Are in a Bitcoin 

There are 1 million bits in 1 bitcoin.

1 bit = 1 microbitcoin = 1 μBTC = 0.000001 bitcoin (BTC)

The term “bit” is a popular new unit being used to represent smaller Bitcoin amounts. Due to the rising value of 1 bitcoin (currently 1 BTC = $450 USD), many prices must be displayed in fractional bitcoin amounts. For example, a bottle of beer might be priced at .0085 BTC. These fractional numeric values can be confusing and difficult for many people to read. The bit sub-unit (equal to 0.000001 BTC) is considered by many to be a more memorable and intuitive way of displaying Bitcoin amounts; the aforementioned beer would cost 8500 bits.

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Originally proposed on Bitcoin the sub-reddit, and now being embraced by the payment processor Bitpay, the bit sub-unit offers the following advantages:

1. More compatible with existing financial software that can only handle 2 decimal places. For example: using a figures like 49.99 bits instead of .00004999 bitcoins.

1. Figures would remain easily readable in the event of an extreme rise in Bitcoin’s exchange rate: if 1 Bitcoin was worth $100,000, then a $4.99 beer would cost 49.90 bits

1. Bit is an easier to remember unit when compared to other longer unit names and acronyms: 100 bits instead of 100 microbitcoins/100 μBTC/1 millibitcoin/1 mBTC).

Bitcoin Exchange

A bitcoin exchange is a digital marketplace where traders can buy and sell bitcoins using different fiat currencies or altcoins. A bitcoin currency exchange is an online platform that acts as an intermediary between buyers and sellers of the cryptocurrency.

The currency ticker used for bitcoin is either BTC or XBT.

LATEST BITCOIN NEWS

Forget Bitcoin - now Dogecoin goes wild

But even in the turbulent world of cryptocurrencies, Dogecoin is seen as a pretty wild creature.

It was launched in 2013, inspired by a short-lived online craze for pictures of a particular Japanese dog breed.

Last weekend, however, it nearly doubled in value and is now worth more than $2bn (£1.5bn).

Dogecoin had been gaining steadily all through December, but the latest spike has prompted howls of "crypto-hype" from sceptics.

Granted, it's still well behind the biggest beast in the digital currency pack, Bitcoin, which has a total value of more than $270bn.

But given that Dogecoin was initially intended as a parody of the Bitcoin boom, its founder, Jackson Palmer, is none too happy now that it has slipped its leash.

"The fact that most conversations happening in the media and between peers focus on the investment potential is worrying," he said earlier this month.

Latest News About Bitcoin 

Pineapple Fund, a Bitcoin-only charity, has promised to match up to $4 mln in donations to a non-profit for MDMA-based PTSD research.

The non-profit leading the research, the Multidisciplinary Association for Psychedelic Studies (MAPS), is seeking $25 mln in donations for Phase 3 of their drug trials. MAPS hopes to use MDMA-assisted psychotherapy as an effective treatment for PTSD sufferers.

The Pineapple Fund was created in early December 2017 by an anonymous donor who goes by the Reddit handle /u/PineappleFund. The donor presents themselves as an early Bitcoin adopter whose goal is to give $86 mln, or 5057 bitcoins, of earnings to charity.

A Jan. 10 Reddit post by /u/PineappleFund calls for donations to MAPS and announces the $4 mln pledge. The post also explains the usefulness of the MAPS trials due to what the anonymous donor sees as a lack of effective FDA-approved treatments for those suffering from PTSD.

/u/PineappleFund appeals to the cryptocurrency community to send Bitcoin or fiat payments as donations to MAPS

I believe we, the cryptocurrency community, can fully fund Phase 3 trials. Prescription MDMA could be a gift to this world from the bitcoin community.” 

“If you believe that psychedelic drugs can have incredible therapeutic potential, then I believe this is one of the highest impact projects today.”

FDA approval for these experimental therapies is expected by 2021, pending positive results of the Phase 3 trials.

Pineapple Fund already gave 59.89 bitcoin, with a value of $1 mln at the time of donation, to MAPS on December 14, 2017. According to the Fund’s website, so far approximately $20 mln has been donated to 23 organizations, including the Internet Archive, a NGO financing universal health care, and a philanthropic blockchain technology company.

Pineapple Fund is not the only Bitcoin-only charity: BitHope, a Bulgarian-based NGO, exclusively accepts cryptocurrency to fund crowdsourced campaigns on its site. Other Bitcoin-based charities include BitGive and CommonCollection.