Cryptocurrency is a modern concept that is gaining popularity all over the world. It is a form of virtual currency that can be used in fiat currency and offers numerous benefits. Bitcoin is an astonishing cryptocurrency, and there are several surprising facts about it that most people don’t know who own bitcoins.
More popular as an investment than a currency
Bitcoin is a digital currency, and its primary purpose was to replace fiat currency and become the primary payment method used worldwide. But you will be surprised to know that it is more popular as an investment instead of a payment option. People didn’t like bitcoin as a currency which is why it is still not widely adopted. Still, users saw a vast potential to provide them with massive profits, which is the primary reason that now it is one of the most popular investments. Bitcoin is highly volatile, and a good currency needs to be stable. If you want to protect your bitcoins then visit this link and securely trade bitcoin and earn maximum profits.
But as an investment, bitcoin is quite successful, and there are several reasons behind it. First and foremost, bitcoin has a massive market value which is the most important feature of a profitable investment. Moreover, the supply of bitcoin is limited, but its demand is constantly increasing, so its price will go up in the future. The great popularity and demand for bitcoin have made it a perfect investment.
Bitcoin is not issued
When we talk about currencies, most people think that a specific financial authority issues all currencies, but it is only true with fiat currencies. Most people don’t know that the government does not issue bitcoins like fiat currencies. Bitcoin is a decentralised cryptocurrency, and it is issued in the market through a unique process known as bitcoin mining. Bitcoin is based on a vast blockchain network, and the same network is used for bitcoin mining through which new bitcoins are created and added into blocks. Bitcoin’s network is quite massive, and to get a clear idea about it, you must know that the mining power of its whole network is around 300 times higher than the combined power of the top 5 supercomputers of the world.
Bitcoins are not unlimited
Bitcoin has become popular all over the world, and with each passing day, its popularity and price are increasing at a rapid pace. Most people think that new bitcoins will keep on being issued in the market, which on true. You may get shocked to know that bitcoin’s supply is limited. New bitcoins are issued through bitcoin mining, and only 21 million bitcoins can be mined in a lifetime.
And the more surprising fact is that out of 21 million, around 16 million has been already mined. So, after all the bitcoins are mined, no new bitcoin will be floating in the market. The limited supply of bitcoin is also one of the primary reasons behind its increasing price, as, with fixed supply and increasing demand, the price will obviously go up.
Lost bitcoins cannot be recovered
Another astonishing fact about bitcoin is that the security of your bitcoins completely depends on the private keys. The private key is a unique code that is used to access a bitcoin wallet and make transactions. There is no other way than using private keys to access the bitcoin stored in the wallet. So, you must keep one thing in mind: you need to store the private keys carefully and safely because if you lose the private keys, you will also lose access to your bitcoins forever. There are several users who own a massive number of bitcoins but can’t access them as they have lost their private keys. Your funds are of no value without the private key as no one would be able to use them, and they will be lost forever.
Bitcoin is now popular all over the world, but its creator is a mystery. No one knows about the founder of bitcoin, and there is a name, Satoshi Nakamoto, which is linked to it, but no one has seen him.