Latest Bitcoin updates on January 31st

At the beginning of the month, Bitcoin saw the closest perigee syzygy to Earth since the year 992 as well as a new moon. The value of Bitcoin also increased, reaching a peak of $23,000. Moreover, the tech sector has seen 37,019 layoffs in the first 18 days of the quarter, around 50% of the total layoffs in Q4 2022. Moreover, Wallet of Satoshi users have made over 6 million LN payments, with almost 20,000 payments/day. On the 5th of January, users were encouraged to remember the phrase “not your keys, not your coins”. Finally, Sam Bankman-Fried pleaded not guilty to all counts in Federal Court.

What is Bitcoin ?

Bitcoin is a revolutionary open source peer-to-peer digital currency and payment system. It is the first decentralized digital currency, as the system works without a central bank or single administrator. Bitcoin is designed to eliminate the need for traditional banking services, and digital transactions are processed without the need for a third party intermediary. Transactions are verified by network nodes through cryptography, and the network is secured by a complex algorithm called “proof-of-work.”

The Bitcoin network was launched in 2009 and has since grown significantly. It has become the most popular and widely accepted digital currency in the world. It is used by people in all walks of life, from businesses and individuals to charities, non-profit organizations, and even governments. It is gaining popularity in many parts of the world, and its value has been steadily increasing.

Bitcoin is a decentralized system, which means it is not controlled by any central authority. All transactions are processed and verified on a public ledger, known as the blockchain. This process is secured by a complex system of cryptography, which makes it virtually impossible for the network to be corrupted or manipulated. Transactions are also anonymous, meaning users do not need to provide any personal information when making a transaction.

The Bitcoin network is powered by miners, who are responsible for validating and verifying transactions. They are rewarded with newly created bitcoins when they successfully process a transaction. This process is known as “mining” and it is the primary way that new bitcoins are created and distributed.

Bitcoin offers a number of advantages over traditional payment systems, including low fees, fast transactions, and anonymity. It is quickly becoming a popular choice for individuals and businesses alike, and its value continues to grow.

This article was published on 2023-01-28 by Marc Endevor. Information shown in this article was gathered from the project’s website and Twitter account. Coinvestigate cannot guarantee the accuracy of this information, or any news that may have impacted the project in the meantime.