Bitcoin Value

Bitcoin Value | The facts of Bitcoin

The bitcoin can be known as internet money or digital currency, it is also a virtual money that is mined by computer software, these mining computers require a large amount of energy to run through their programming. This bitcoin value will really impress you, a recent estimate that was made by tech news site which analyses the energy cost of a single transaction of bitcoin at 215 kilowatt-hours, for instance, if 300,000 transactions of bitcoin were made in a day. That will just be almost enough energy as the average American household used up in a whole week.



    • Bitcoin has been in existence and popular over the last eight years, and it is still the leading cryptocurrency. It was created in 2009 by a person named Satoshi Nakamoto, who we can say he is a mysterious individual or a whose true identity is still unknown until today. No one knows who he is, what his real name is or where he lives. A bitcoin value that was sourced is that Satoshi holds 1 million Bitcoins which is equivalent to $1.1 billion.
    • According to a December 2013 research paper done by the University of San Diego and George Mason University, 64 percent of the 12 million bitcoin that had by then been mined had never been spent. A bitcoin developer Sergio Lerner estimates that almost 1 million unspent bitcoins belong to the cryptocurrency’s mysterious inventor.




 

  • First interesting bitcoin facts is that on May 22nd is usually celebrated as the Bitcoin Pizza Day, this was due to when it was initially mined, they were lower in bitcoin value and it cost cents to buy just a BTC, and it was until someone bought something with bitcoin on May 22, 2010. So surprisingly, this purchase was a big deal because no retailer was accepting bitcoins at that time particular time in exchange for goods and services,  so 10,000 BTC was exchanged with two Papa John’s Pizzas by Laszlo Hanyecz, and this was the first official purchase of goods using bitcoins which were documented, the worth of 10,000 BTC was 41 dollars as at that time and as at now, 10,000 bitcoins is worth more than 25.8 million dollars.

Bitcoin Value



  • There is constant talk about banning bitcoin due to its nature and because it works outside the law and order of the normal traditional banking system. They try as much as they could, but it can’t be thrown away into the trash just because they feel it threatens the financial power structure.  However, this cryptocurrency is designed in such a way that it can’t be banned, but can only be regulated, you can engage in bitcoin as long as there are a bitcoin wallet and an internet connection.

 

  • Many countries like Bangladesh, Bolivia, Thailand, and Vietnam to mention but a few have tried to ban it because they don’t know the bitcoin value. But there are also some countries like Australia, Russia, Japan, and Venezuela that have made Bitcoin an official legal tender and they are regulating it. It also applies to some countries like USA and India who are not clear of their official policy regarding these cryptocurrencies. Numerous cryptocurrencies have come after Bitcoin was invented and they have also disappeared into thin air.


    • It was discovered that Satoshi Nakamoto was the inventor of bitcoin, Satoshi first proposed bitcoin as a means of payment that is based on mathematics. This Crypto is not dependent on governmental authorities unlike central banks that control the money supply and the production of currency in the global market and this has made bitcoin to be a global means of exchange in several ways.  Transfers are made at once through the computer with low transaction fees. Another bitcoin value is that it does not follow the normal traditional banking system but rather it flows from one computer blockchain wallet to another.These facts made us know that it cannot be held, felt or kept in a pocket or wallet like currency, it is purely a computer/internet based means of exchange and you can’t touch it physically.

     

    • There are also some available apps like blockchain which you can use to transfer bitcoin from a wallet to another, these apps can also be used to track ownership and allow immediate and efficient transfers of Bitcoin. This cryptocurrency has several properties that allow it to stand out from other traditional currencies.

    bitcoin value

    • Another bitcoin value which let us know that the numbers of bitcoin are not controlled by Central banks or other monetary authorities, it is said that bitcoin is decentralized which is making it global. Any person who has a PC or computer can set up and own a bitcoin address to transfer or receive bitcoins in seconds. It can also keep the user anonymous, having a bitcoin address do not require personal information and the cryptocurrency allows users to maintain multiple accounts. Once the transfer of bitcoin is made, it is final and cannot be refunded unless the other person intentionally repays you back.


    • One other fact you should know is that the maximum amount of bitcoin value that can be mined will be 21 million, which is a number that bitcoin is expected to be reached by the year 2140.

     

    • Another important thing which we thought you need to know is that when you Lose your wallet, it means your bitcoins are lost forever without trace, and this is why total care of the security of your bitcoin must be taken, guard your wallet jealously and as well as operate with only trusted vendors, so this means whoever knows the bitcoin value will guard it jealously. Bitcoin is not the only Cryptocurrency we have in the world today, we are now having over 1,000 rivals, according to Coinmarketcap.This is an indicator that Bitcoin is here to stay relevant forever.

     

    • Another bitcoin value that you all need to check out is that a little bit out of the 16.7 bitcoins that have been mined are actually in circulation, because of some people who have forgotten their passwords, accidental losses, hoarding, owners forgetting about coins or even death, and through this it is impossible  for you to be certain about how many bitcoins have been permanently lost, because those that have are still in the system are in dormant addresses.

     

    2 comments

    Comments are closed.