Type to search

8 Things To Know About Bitcoin

8 Things To Know About Bitcoin

Sibel Mufti
Share

Bitcoin is a viral topic of discussion across social media platforms. But not many know what it really is.

Here are 8 facts that will help you understand Bitcoin better:

1) It is a virtual/digital crypto-currency established in 2009

Source: Shutter Stock

Bitcoin is a virtual/digital currency that exists as files. More specifically, it’s a cryptocurrency, that utilizes cryptology (a branch of mathematics). It was the first of its kind. Any physical “coins” you may have seen, are novelties which hold no value unless a code is printed on them.

2) There are other virtual currencies, including other cryptocurrencies:

Source: observer247.com

Other major cryptocurrencies are available. The most common names being Ethereum and Litecoin. There are also “versions” of Bitcoin called Bitcoin Cash and Bitcoin Gold. Many others are being launched globally and in time we will see which ones do well.

A few cryptocurrencies to watch out for in 2018 include  Bitcoin cash, Zcash, Monero, Ripple and Ethereum.

3) Cryptocurrencies are based on mathematics and are “mined”

bitcoin- cryptocurrency

A cryptocurrency mining motherboard
Source: graphicscardhub.com

Mining involves computers solving very difficult mathematical problems, which is sometimes awarded a Bitcoin. Similar to digging for gold. A very real issue, however, is that it uses massive amounts of energy. In fact, a new study states that the energy spent on mining Bitcoin this year alone surpassed the average electricity consumed yearly by 159 nations. This amount is likely to increase in the future. As more “coins” are mined, the system automatically makes it more and more difficult to mine new ones. In fact, some argue that the energy cost actually exceeds the prize. Once you have a Bitcoin wallet, you can use a traditional payment method to buy Bitcoins on a Bitcoin exchange (e.g. coinbase)

4) There can only ever be 21 million bitcoins.

Source: btc.ng

This is due to the way Bitcoin’s mathematics was designed. Thus artificially creating scarcity. Again, this aspect is similar to precious metals, etc. Every four years, the value of adding a block to the blockchain will decrease by half, as dictated by the Bitcoin protocol. Thus, by 2140 when a limit of 21 million bitcoins is reached, the reward for mining bitcoin will be decreased to zero.

5) It can be anonymous and that brings issues:

Source: bitcoincashout.com

Huge sums can be transferred reliably with almost no identifying information of those involved in the transactions. This raises concerns regarding money being acquired by dangerous and illegal parties. Bitcoin has been strongly associated with the “Dark Web”, especially the “Silk Road”, which enabled an anonymous global drug market. Silk Road was launched in 2011 and allowed users to browse the internet anonymously and securely without the risk of traffic monitoring. Silk Road has since then been shut down by the FBI in 2013.

6) It is not backed by any government or tangible asset like traditional Fiat currency:

Source: The Economist

Source: The Economist

It is an entirely people driven and decentralized currency. Without being tethered to a nation’s economy, it is able to change rapidly, meaning that those software files may become worthless quickly. On the plus side, it potentially avoids a lot of fees due to exchange rates.

7) Few places actually accept it as currency:

Source: Scroll.in

Despite it’s current popularity only a few places accept it as currency such as certain exchanges. The list is growing quickly enough though, including certain huge online retailers.

8) No one knows who the inventor is:

Real life Satoshi Nakamoto denies being the inventor of Bitcoin
Source: Telegraph.co.uk

Satoshi Nakamoto is the pseudonym of the developer who created and established Bitcoin. His actual identity is still unknown. Interestingly, at the current valuation of Bitcoin, he is likely to be incredibly wealthy, but due to the anonymity of cryptocurrencies, tracking him down would be difficult and this pseudonym has gone silent. Speculation on his identity has been rampant as Bitcoin’s value has shot up.

Now that you know more about Bitcoin and cryptocurrency, would you be willing to make the switch?

Tags::

You Might also Like

86 Comments

  1. generic viagra cheap May 7, 2020

    viagra india [url=https://viagenupi.com/#]generic viagra cheap[/url] what does viagra
    do generic viagra cheap viagra alternative https://viagenupi.com/

    Reply
  2. Pingback: viagra.com
  3. gwbqAtori May 20, 2020

    cheap viagra [url=https://zvigariageneric.com/]generic viagra[/url] cheap viagra viagra online viagra

    Reply
  4. bdntCalry May 20, 2020

    п»їviagra [url=https://www.genericviragacheap.com/]п»їviagra[/url] viagra viagra without a doctor prescription online viagra

    Reply
  5. vsbhAtori May 23, 2020

    viagra [url=https://genericjojos.com/]viagra without doctor prescription[/url] viagra online viagra cheap viagra

    Reply
  6. grlsuteds May 23, 2020

    cheap viagra [url=https://medyvirgaraonline.com/]viagra generic[/url] online viagra generic viagra generic viagra

    Reply
  7. lqbtbisolo May 23, 2020

    generic cialis [url=http://genericcialls.com/]cialis online[/url] generic cialis cialis cialis

    Reply
  8. bfbnSlomo May 24, 2020

    viagra without a doctor prescription [url=https://sexviagen.com/]viagra online[/url] viagra viagra viagra

    Reply
  9. bdghsponi May 24, 2020

    cialis [url=http://www.ciallisonline.com/]cialis[/url] buy cialis cialis generic cialis online

    Reply
  10. mejzisolo May 25, 2020

    cialis 20mg [url=http://pharmcilisa.com/]online cialis[/url] cialis online cheap cialis buy cialis

    Reply
  11. Pingback: buy chloroquine
  12. blbqAtori May 26, 2020

    viagra online [url=https://emtpartsstore.com/]generic viagra[/url] viagra buy viagra buy viagra

    Reply
  13. jrnfuteds May 29, 2020

    viagra [url=https://canadianpharmacyfda.com/]viagra generic[/url] generic viagra viagra viagra online

    Reply
  14. lqnuSlomo May 30, 2020

    cialis online [url=https://cialisovnnc.com/]generic cialis[/url] generic cialis cialis cialis

    Reply
  15. Hello, i believe that i byword you visited my website thus i
    got Here to take the trust?.I am attempting to in finding things to improve my internet site!I
    opine its adequate to manipulation a few of your concepts!! http://www.cialisles.com/

    Reply
  16. Jolie Taverna June 6, 2020

    I simply want to mention I am just all new to blogging and absolutely liked this website. Most likely I’m planning to bookmark your blog post . You definitely have perfect writings. Regards for sharing with us your web-site.

    Reply
  17. click for more info June 10, 2020

    Thanks for sharing your ideas. I’d personally also like to mention that video games have been ever evolving. Modern technology and revolutions have aided create genuine and interactive games. These kind of entertainment games were not that sensible when the concept was first being experimented with. Just like other areas of electronics, video games too have had to evolve through many decades. This itself is testimony towards the fast growth of video games.

    Reply
  18. urban fashion network June 12, 2020

    May I simply just say what a relief to find a person that genuinely knows what they’re talking about over the internet. You actually understand how to bring a problem to light and make it important. A lot more people ought to check this out and understand this side of the story. I was surprised you aren’t more popular because you surely possess the gift.

    Reply
  19. Very good write-up. I certainly appreciate this website. Thanks!

    Reply
  20. Do you believe in your past lives? Do you think past lives regression is real?

    Reply
  21. we buy houses phoenix June 12, 2020

    I needed to thank you for this fantastic read!! I absolutely loved every bit of it. I have you bookmarked to look at new things you post…

    Reply
  22. horse supplies June 13, 2020

    Hi! I could have sworn I’ve been to your blog before but after browsing through many of the posts I realized it’s new to me. Regardless, I’m definitely delighted I discovered it and I’ll be book-marking it and checking back regularly.

    Reply
  23. vintage tea gift June 13, 2020

    I love it when people come together and share opinions. Great website, stick with it.

    Reply
  24. Hi there! This post couldn’t be written much better! Looking at this post reminds me of my previous roommate! He constantly kept talking about this. I am going to forward this article to him. Fairly certain he’ll have a great read. Many thanks for sharing!

    Reply
  25. silicone baking mats June 15, 2020

    This is the right website for everyone who wants to find out about this topic. You understand a whole lot its almost hard to argue with you (not that I personally would want to…HaHa). You definitely put a new spin on a topic which has been written about for ages. Excellent stuff, just wonderful.

    Reply
  26. Faytech North America is a touch screen Manufacturer of both monitors and pcs. They specialize in the design, development, manufacturing and marketing of Capacitive touch screen, Resistive touch screen, Industrial touch screen, IP65 touch screen, touchscreen monitors and integrated touchscreen PCs. Contact them at http://www.faytech.us, 121 Varick Street, New York, NY 10013, +1 646 205 3214.

    Reply
  27. Articair official June 17, 2020

    Oh my goodness! Awesome article dude! Thanks, However I am experiencing issues with your RSS. I don’t understand why I can’t subscribe to it. Is there anyone else having the same RSS problems? Anybody who knows the answer will you kindly respond? Thanks!!

    Reply
  28. Sapid Agency is a Search Engine Optimization company in New York City that provides SEO Services. Their proprietary SEO strategies help struggling websites and aspiring business owners to rank their websites higher in multiple search engines like Google , Yahoo and Bing. They provide local and gmb map ranking for businesses in NYC and many other local areas. Find more at https://www.sapidagency.com/ @ 145 E 57TH NEW YORK, NY 10022, USA, +1 971 341 5608 USA

    Reply
  29. best footwear June 19, 2020

    This is the perfect blog for anybody who wishes to find out about this topic. You realize a whole lot its almost tough to argue with you (not that I really would want to…HaHa). You definitely put a brand new spin on a subject that’s been written about for a long time. Great stuff, just wonderful.

    Reply
  30. Gisele Hile June 20, 2020

    Really engaging elements that you have stated, thanks a lot for adding.

    Reply
  31. Custom T-shirts June 21, 2020

    You should be a part of a contest for one of the most useful sites online. I will highly recommend this website!

    Reply
  32. puppy kindergarten June 25, 2020

    Spot on with this write-up, I really think this site needs a great deal more attention. I’ll probably be back again to read through more, thanks for the information.

    Reply
  33. More Info June 27, 2020

    It certainly is near impossible to encounter well-aware individual on this theme, and yet you appear like you are familiar with what exactly you’re writing on! Thanks

    Reply
  34. aggressiveness June 27, 2020

    Your style is really unique in comparison to other folks I have read stuff from. Thank you for posting when you’ve got the opportunity, Guess I’ll just bookmark this site.

    Reply
  35. srilankan visit visa June 27, 2020

    I’m amazed, I must say. Seldom do I encounter a blog that’s both equally educative and interesting, and let me tell you, you’ve hit the nail on the head. The problem is something which too few people are speaking intelligently about. I am very happy I stumbled across this during my hunt for something concerning this.

    Reply
  36. Would you be interested in exchanging links?

    Reply
  37. pmbok 6th June 27, 2020

    Howdy! This article could not be written much better! Looking at this post reminds me of my previous roommate! He constantly kept talking about this. I will forward this article to him. Fairly certain he’ll have a great read. Thank you for sharing!

    Reply
  38. ver instagram privado June 28, 2020

    I’m amazed, I have to admit. Rarely do I come across a blog that’s both educative and engaging, and without a doubt, you have hit the nail on the head. The issue is something too few men and women are speaking intelligently about. I’m very happy I stumbled across this during my search for something regarding this.

    Reply
  39. Sapid Agency - Nyc Seo June 28, 2020

    Sapid Agency is a Search Engine Optimization company in New York City that provides SEO Services. Their proprietary SEO strategies help struggling websites and aspiring business owners to rank their websites higher in multiple search engines like Google , Yahoo and Bing. They provide local and gmb map ranking for businesses in NYC and many other local areas. Find more at https://www.sapidagency.com/ @ 145 E 57TH NEW YORK, NY 10022, USA, +1 971 341 5608 USA

    Reply
  40. Best CBD Oil June 29, 2020

    Pretty! This has been an incredibly wonderful article. Many thanks for supplying this info.

    Reply
  41. MetroClick specializes in building completely interactive products like Photo Booth for rental or sale, Touch Screen Kiosks, Large Touch Screen Displays , Monitors, Digital Signages and experiences. With our own hardware production facility and in-house software development teams, we are able to achieve the highest level of customization and versatility for Photo Booths, Touch Screen Kiosks, Touch Screen Monitors and Digital Signage. Visit MetroClick in NYC at http://www.metroclick.com/ or , 121 Varick St, New York, NY 10013, +1 646-843-0888.

    Reply
  42. emploi June 29, 2020

    It’s difficult to find educated people on this topic, but you sound like you know what you’re talking about! Thanks

    Reply
  43. description June 29, 2020

    Good day there, just became alert to your blog site through Search engine, and realized that it is genuinely entertaining. I’ll value should you decide continue on this approach.

    Reply
  44. osrs June 29, 2020

    Hi, I do believe this is an excellent website. I stumbledupon it 😉 I am going to return yet again since i have bookmarked it. Money and freedom is the best way to change, may you be rich and continue to guide others.

    Reply
  45. CBD Lube June 29, 2020

    nice article

    Reply
  46. Pingback: cialis dosing
  47. Power Banks July 1, 2020

    Very nice article. I definitely appreciate this site. Keep writing!

    Reply
  48. The Golden Life July 1, 2020

    Way cool! Some extremely valid points! I appreciate you writing this write-up plus the rest of the site is really good.

    Reply
  49. Shorts & Panties July 1, 2020

    Aw, this was a really good post. Taking a few minutes and actual effort to make a very good article… but what can I say… I hesitate a lot and don’t manage to get nearly anything done.

    Reply
  50. pop music July 1, 2020

    Great web site you have here.. It’s hard to find excellent writing like yours these days. I seriously appreciate people like you! Take care!!

    Reply
  51. This Site July 1, 2020

    It’s hard to come by experienced people in this particular subject, but you seem like you know what you’re talking about! Thanks

    Reply
  52. mcdvoice com July 1, 2020

    After going over a few of the blog articles on your web page, I seriously like your technique of blogging. I added it to my bookmark webpage list and will be checking back in the near future. Please check out my web site as well and let me know your opinion.

    Reply
  53. Haircare July 1, 2020

    You ought to take part in a contest for one of the highest quality sites on the internet. I most certainly will highly recommend this website!

    Reply
  54. dental academy jaipur July 1, 2020

    Way cool! Some extremely valid points! I appreciate you penning this post and also the rest of the website is extremely good.

    Reply
  55. Cats July 1, 2020

    After looking at a few of the blog posts on your blog, I seriously appreciate your way of blogging. I book-marked it to my bookmark site list and will be checking back in the near future. Please visit my web site too and let me know how you feel.

    Reply
  56. I’m impressed, I must say. Seldom do I come across a blog that’s both educative and interesting, and without a doubt, you’ve hit the nail on the head. The issue is something which too few people are speaking intelligently about. I am very happy I found this during my search for something relating to this.

    Reply
  57. liteblue usps login July 2, 2020

    Hi, I do believe this is an excellent website. I stumbledupon it 😉 I may revisit once again since i have saved as a favorite it. Money and freedom is the greatest way to change, may you be rich and continue to guide others.

    Reply
  58. Butterfly Sit Up July 2, 2020

    Hello there, There’s no doubt that your blog could be having browser compatibility problems. When I take a look at your website in Safari, it looks fine but when opening in IE, it’s got some overlapping issues. I just wanted to give you a quick heads up! Apart from that, great site.

    Reply
  59. Kiyoko Riviezzo July 2, 2020

    I just wish to show you that I am new to online blogging and absolutely loved your webpage. Quite possibly I am going to store your blog post . You indeed have outstanding article blog posts. Be Thankful For it for sharing with us your very own site report

    Reply
  60. Porn July 3, 2020

    Everything is very open with a clear clarification of the issues. It was definitely informative. Your website is very helpful. Many thanks for sharing.

    Reply
  61. reformas zaragoza July 3, 2020

    Great blog you have got here.. It’s difficult to find high quality writing like yours these days. I seriously appreciate individuals like you! Take care!!

    Reply
  62. contactos en zaragoza July 3, 2020

    Good web site you have got here.. It’s hard to find quality writing like yours these days. I honestly appreciate people like you! Take care!!

    Reply
  63. slot online July 4, 2020

    I was recommended this web site through my cousin. I’m no longer positive whether this submit is written by means of him as no one else realize such designated about my difficulty. You’re wonderful! Thank you!|

    Reply
  64. panier fermier July 4, 2020

    Great web site you’ve got here.. It’s difficult to find high quality writing like yours nowadays. I truly appreciate individuals like you! Take care!!

    Reply
  65. I would like to thank you for the efforts you’ve put in writing this website. I really hope to see the same high-grade content by you later on as well. In truth, your creative writing abilities has encouraged me to get my very own site now 😉

    Reply
  66. old cracked journal July 6, 2020

    I’m amazed, I have to admit. Seldom do I come across a blog that’s both equally educative and entertaining, and let me tell you, you’ve hit the nail on the head. The issue is something which not enough men and women are speaking intelligently about. I am very happy I found this in my search for something regarding this.

    Reply
  67. Water Booty Shorts July 6, 2020

    It’s hard to find experienced people for this subject, but you sound like you know what you’re talking about! Thanks

    Reply
  68. I have to thank you for the efforts you’ve put in penning this blog. I’m hoping to see the same high-grade content by you later on as well. In fact, your creative writing abilities has motivated me to get my own website now 😉

    Reply
  69. bestfrozentreat July 7, 2020

    This is a topic that’s close to my heart… Take care! Where are your contact details though?

    Reply
  70. lo nuong lam banh July 7, 2020

    I seriously love your site.. Pleasant colors & theme. Did you create this site yourself? Please reply back as I’m planning to create my own personal website and would like to learn where you got this from or exactly what the theme is called. Many thanks.

    Reply
  71. Click Here July 7, 2020

    You should take part in a contest for one of the most useful blogs on the web. I’m going to recommend this web site!

    Reply
  72. I seriously love your website.. Excellent colors & theme. Did you create this site yourself? Please reply back as I’m looking to create my own site and want to know where you got this from or exactly what the theme is named. Kudos!

    Reply
  73. 우리카지노 July 8, 2020

    more https://www.wooricasinokorea.com 우리카지노

    Reply
  74. Hello there! This article could not be written much better! Looking at this post reminds me of my previous roommate! He always kept preaching about this. I most certainly will send this article to him. Pretty sure he’ll have a great read. Thanks for sharing!

    Reply
  75. posh paradise wellness July 8, 2020

    It’s hard to find educated people for this subject, but you sound like you know what you’re talking about! Thanks

    Reply
  76. newsletters July 8, 2020

    I really like reading an article that will make people think. Also, thank you for allowing for me to comment.

    Reply
  77. Peek a boo elephant July 8, 2020

    May I just say what a relief to find somebody who actually knows what they are talking about online. You actually understand how to bring a problem to light and make it important. More people have to look at this and understand this side of your story. I was surprised you’re not more popular given that you certainly have the gift.

    Reply
  78. Buy Lunesta Online July 8, 2020

    Your style is really unique in comparison to other people I’ve read stuff from. Thanks for posting when you’ve got the opportunity, Guess I will just bookmark this site.

    Reply
  79. Suwannee, Georgia July 8, 2020

    I couldn’t resist commenting. Very well written.

    Reply
  80. scented candles July 9, 2020

    Excellent article. I’m dealing with a few of these issues as well..

    Reply
  81. Live Sports July 9, 2020

    I blog often and I genuinely thank you for your content. This article has truly peaked my interest. I will book mark your site and keep checking for new information about once a week. I opted in for your Feed as well.

    Reply
  82. You ought to get involved in a contest personally of the finest blogs on-line. I will recommend this page!

    Reply
  83. maeng da kratom July 9, 2020

    I was more than happy to discover this great site. I want to to thank you for your time just for this wonderful read!! I definitely enjoyed every little bit of it and i also have you bookmarked to look at new stuff on your site.

    Reply
  84. It’s nearly impossible to find experienced people on this subject, however, you seem like you know what you’re talking about! Thanks

    Reply

Leave a Comment

Your email address will not be published. Required fields are marked *