The cryptocurrency market is relatively young, and with the recent surge in popularity of Bitcoin, it’s pretty fair to assume that many people have only just recently heard about the currency.
Whether your exposure to bitcoin is limited to a few news headlines, or you’ve been closely following its run for the past decade, here are some things you may not know about Bitcoin, the world’s biggest cryptocurrency.
1. Bitcoin is Not Free to Use
A big part of Bitcoin’s initial appeal was that it could transfer money anywhere in the world for little to no expense. And this used to be the case – the average Bitcoin transaction fee was less than $0.1 for much of its history.
However, with popularity, often comes more costs. And with Bitcoin’s rise in status means that transaction fees regularly surpass $5, and it peaked at $34 per transaction in December of 2019. Since that time, the cost has fallen to about $1, however, it’s still important that novices realise that while Bitcoin does remove a lot of the fees associated with a traditional banking system, it is by no means ‘free’.
2. The Majority of Bitcoins Have Never Been Used
Of the roughly 18 million coins that are currently in circulation, so far, 64% have never been used. Some of these are likely lost forever because of things like owners misplacing their wallet keys and will never be used.
So, although there are 21 million what will eventually be mined, the actual number in circulation is probably millions less than that.
3. There are More than 1500 other cryptocurrencies
Once Bitcoin was born, many other cryptocurrencies came to market in a relatively short period.
Many of these currencies are small and obscure, with little monetary value or practical purpose. However, some are a series of competitors that aim to solve some of Bitcoin’s shortcomings. For example, Ethereum is worth $90.6 billion.
The cryptocurrency market is young and evolving at an exponential rate, and while Bitcoin was the first, and will always hold the greatest market share, it’s not the only crypto in town anymore.
4. Bitcoin Wallet Keys Are Integers from 1 to 10 to the power of 77
To guess the private key of a Bitcoin wallet, we could have to spend years trying to crack the code. Speaking more precisely, 10 years to the power of 33, and it would require a lot of computing power.
Breaking someone’s private key is virtually impossible.
5. Blockchain technology and Cryptocurrency Allow Anyone with a Computer the Ability to Solve a Problem
Thanks to computing power as a means to harness a type of currency to manage many varieties of systems, it’s hard to believe it all began with Bitcoin. The initial draw and all the rage behind it were its decentralisation, and at the time, very minimal fees. Hence consumers save money.
Instantly, the idea of blockchain and cryptocurrency became a wide-scale potential fix for a multitude of systems and industries.
Bitcoin continues to revolutionise our lives. Further than providing an alternative to the traditional financial system, Bitcoin has also allowed thousands across the world to actively participate in the economy. Mirror Trading International provides members with a unique opportunity to start sharing in the gains made by Bitcoin. Growing your Bitcoin is at the very heart of MTI... MTI members earn profits from the daily trades. Trading and other bonuses are dependent on the daily trade results; this means that in the case that there are no profit for the day, none will be paid. What are you waiting for?? Join over 150 000 members worldwide who have started earning a passive income from Bitcoin trading.
Thanks!😍😍
