For the First Time, Bitcoin Value Exceeds Gold

The value of Bitcoin's encrypted digital currency (crypto-currency) for the first time exceeds the value of gold.
Monday (3/3/2017), on Thursday (2/3/2017) last week, the value of Bitcoin reached US $ 1,268 or equivalent to Rp 19.9 million, while the value for one ounce of gold was at US $ 16.4 million .

This high Bitcoin value is associated with a surge in demand in China. Previously, Chinese authorities did call Bitcoin used to drain funds abroad illegally. Therefore, earlier this year the Chinese government attempted to crack down on trade using Bitcoin.

However, it was rumored that the supervision of Chinese authority was only valid for a while and made the use of Bitcoin back high. In fact, last January transactions with Bitcoin rose significantly.

From the user side, the use of Bitcoin increases because it is considered quite interesting. This is because of the anonymous nature of Bitcoin and the lack of control of the government. Bitcoin is also considered a new currency is determined by how much people want to exchange it.

The transaction procedure using Bitcoin is named after mining. This process requires solving a mathematical problem using a 64-digit solution. After successfully solving the problem, then one block of Bitcoin processed.

The BBC reports, there are currently about 15 million Bitcoins in the world.

To use a Bitcoin, a user must have a Bitcoin address with a series of 27-34 letters. The address seems to be a digital post box capable of sending and receiving Bitcoin.

Users also do not need to register an address, so that anonymity is maintained when transacting. Due to the nature of this anonymity, the use of Bitcoin became difficult to trace and often used for illegal activities such as drug trafficking and money laundering.