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All you need to know about Bitcoin and Crypto

All you need to know about Bitcoin and Crypto

Digital transformation has made a huge impact on the mode of financial transactions. The change became even more dynamic with the surge of decentralization and cryptocurrency. And it all started with Bitcoin. The person behind this cryptocurrency was Satoshi Nakamoto, however, there is a lot of buzz regarding his anonymity. It was 2009 when people started assuming that it won’t last for long in the market with its arrival. However, it only grew and expanded with time.

As the interest in cryptocurrency is rising, people also are becoming interested in buying bitcoins or investing in it. Also, they are seeking easy ways to invest in cryptocurrency. To start a safe and hassle-free crypto trading journey, you should start buying Bitcoin and other cryptocurrency. You can consistently invest and learn from the market trends and get better results simultaneously.

Investing in crypto could be a wild ride. The market is volatile. Therefore, here are some facts about cryptocurrencies or bitcoins.

Here they are:-

There is a limit to bitcoin mining

Since its invention, it was fixed that there will be 21 million bitcoins ever. It will never be exceeded. So when the market cap reaches 21 million bitcoin, the supply will be closed. Therefore, the demand will increase, and so will the value.

10,000 crypto coins

In 2021, it was calculated that there are 10000 crypto coins in the market other than bitcoin. You cannot get every one of those by exchanging. Some cryptos use their wallets as well.

China and other countries banned Crypto mining

Countries like China, Egypt, Morocco, Qatar, Iraq, Tunisia, Oman, Bangladesh, and 42 other countries, blocked the cryptocurrency and its mining in their countries. Some reasoned behind the banning of cryptos as it supports illegal activities by sourcing money for that. China also banned crypto mining because it takes a toll on the environment. It needs a high-functioning computer and its extensive usage. Therefore, the energy consumption is huge. It will make a deficit in the energy shortly. Moreover, the Chinese government was also worried about the fraud with crypto.

China that once banned cryptocurrency is now actively working in this field. The Chinese have a different plan, though. They are trying to make their own digital currency yuan more widespread in the market.

20% of the total bitcoin is lost forever

As per the news, 1.1. a million bitcoins have been saved by its creator Satoshi Nakamoto. As per the assumption, the shares of Nakamoto will never come to the market. Apart from Nakamoto, some people died and did not share their bitcoin or the details of their wallets before.

Apart from these, there is also a possibility of bitcoin losing the keys. It is like a PIN account of your bank account. However, if you lose the key, you will not be able to retrieve it.

El Salvador legalized the bitcoin

It is one of the great news of the last year, 2021. On September 7th, bitcoin became legal in the country El Salvador. They are the first country to take such a step. Their president Nayib Bukele made it legal all around the nation. However, it just became a part of the economy in the country. It did not replace the position of the U.S dollar in the country.

Around 668 million bitcoin transactions

Blockchain technology, invented in 2009, has records of transactions of over 668 million. And the number is only growing till then.

The pizza transaction

The first commercial Bitcoin transaction was made by a person called Laszlo Hanyecz. He paid 10,000 bitcoins for purchasing two pizzas from Papa John’s pizzas. It was the 22nd of May 2010, worth USD 41. However, the same amount of bitcoin is now worth more than USD 500. The incident rightfully took part in the bitcoin folklore.

Cryptos like Ethereum has more usage than being just a coin

Ethereum is more than just a crypto coin. It allows other cryptocurrencies to get generated on the Ethereum network. It allows people to generate smart contracts. It also is helpful for the supply chain management.

If you only know about bitcoin, and cryptocurrency but nothing about its history, hopefully, you have gathered so much knowledge with this article. 

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