Initially, when the idea of cryptocurrency was launched, people used to consider it as something that is not going to last for a long period of time. It was not until 2017 when people realized that it is a much better form of investment than investing in stocks. In 2017, Bitcoin saw a spike in its value which was much more than what people expected it to be. Many people still consider it as a bubble that is likely to burst in the coming years.
So what actually is Bitcoin and how it became so popular in such a short span of time would be interesting to find out.
The Controversial Digital Currency – Bitcoin
Bitcoin gained popularity in 2017 but it actually came into existence way back in 2009. It was introduced in the market with the help of an individual known as Satoshi Nakamoto.
Bitcoin is the most famous digital currency now and a lot of people are aware of it as it has a market cap of $21 million and till now a market cap of $17 million has been mined already. It is a decentralized currency that works with the help of a distributed ledger which is most commonly referred to as blockchain technology. Blockchain technology is known to keep a track of all the transactions and maintain past and present track records of every bitcoin that exists in the world today.
Unlike the regular form of currency, bitcoin is not monitored by any central authority. People who own bitcoin are the ones in charge of their financial assets and the transactions that are being carried out. However, Bitcoin functions in an anonymous manner which means that people are not operating with actual real identities. If a fake transaction is carried out accidentally then it cannot be reversed no matter how many tips and tricks are applied.
The Reason Behind Bitcoin’s Popularity
Bitcoin became popular due to its decentralized nature and anonymity. No one can control or monitor the activity that is being carried out with the help of bitcoin. Banks and governments are not involved hence the complete power and authority lie with the people. There are people who argue that since there is no check and balance on the activity of bitcoin thus there are chances that people might use it to carry out different types of criminal activities.
Furthermore, the idea behind the introduction of Bitcoin was actually a very smart move. The market cap of Bitcoin is already set at $21 million which means that only a limited number of coins are available after which new coins cannot be mined. Currently, out of $21 million, a total of $17 million coins have been mined and the remaining coins would be mined in the coming years. This limitation encouraged more and more people to participate and purchase the coins actively before they ran out thus leading to an increase in its overall price.
There are speculations that by 2030 the price of Bitcoin is likely to reach a figure as high as $500,000.Invest in Bitcoin or indulge in crypto trading to achieve a high rate of return in the future. It is a much better form of investment hence don’t hesitate and invest now. Feel free to visit us if there is any confusion or query regarding bitcoin. To visit us click on Big money rush.
Understanding The Process Of Bitcoin Mining
Mining is a very important process when it comes to Bitcoin as it helps maintain the record of the process that is carried out with the help of computing power. The process of mining is carried out by miners as they are the ones who have to make sure that the payment network is secure and can be trusted by the people using it to carry out transactions. Furthermore, Bitcoin is not a simple software that can be handled or controlled by anyone easily. The process of mining helps solve the different mathematical problems so that the transactions can be linked to the blockchain successfully.
The miners working and ensuring the safety and security of bitcoin are quite lucky in this regard as the ones who solve the complex problems on a daily basis are rewarded with a block of Bitcoin, which acts as an incentive for them to deliver more.
There are three basics that fall under the category of bitcoin mining. These BTC basics are as follows:
1. One needs to purchase bitcoin through the process of exchange.
2. Bitcoin can be received in the process of exchanging goods and services. Many people prefer to get bitcoin accept cash.
3. New bitcoins can be mined till the market cap target is achieved.
Now it's time to start Bitcoin mining and building up your BTC stores in bulk!
