You must have come across the term Bitcoin on the internet at some point. There are over 5.8 million people worldwide are using this digital cryptocurrency. Do you know the value of one Bitcoin? It is equivalent to 4310 US Dollars.
It has taken the world by storm as its price is rising exponentially. In March, it was equivalent to only 1000 US Dollar and has quadrupled now. Are you hyped enough to buy it now? Here are some of the unbelievable facts you should know before you take a piece of the cake.
1. No One Controls Its Fluctuation
It is hard to digest, but the fact is no financial institute controls its ups and downs. Then how does it rise exponentially? It is unknowingly controlled by everyone who is using it for digital transactions and the global economy.
2. The Exponential Rise
When Satoshi Nakamoto started it in 2009, one Bitcoin's value was negligible. In April 2011, its value was $1. In April 2013, its value was $266. By 2015 end, it doubled to $500. It got popular worldwide. Now, its value is $4310.
3. Are There Infinite Bitcoins?
As it is a digital currency, you might think that it is unlimited. But it is not because unlimitedness will make its value zero. Hence, only, 21 million Bitcoins are available in the market.
4. Bitcoin Only To Transfer Money and Investment?
No, not just that, you can shop real products online with it. Over 1 lakh merchants accept Bitcoin for payment even though its value fluctuates every day. Even local stores in the US have started to accept it via wallet transfer.
5. Nobody Can Steal BitCoin From Your Wallet?
It is practically impossible for people to steal bitcoins or hack them due to its unique encryption technology. But if the wallet is lost, stolen or get inaccessible, your money is lost forever. Furthermore, no transaction can be reversed.
6. Worldwide Acceptance
It is the only money in the world whose value stays the same in every country. Therefore, it has received such great reception and transferring money from one account to another of different countries involves no transaction fee.
7. Where Does Bitcoin Come From?
Everybody can generate Bitcoin if they can solve mathematical puzzles and complex algorithms arising in Bitcoin system. The process is called bitcoin mining, and the miner who solves the puzzle first will get incentives in terms of Bitcoin which is the newly generated Bitcoin.
8. Anyone Can See Your Transaction
All the Bitcoin related transactions take place on the block chain, and they are visible to everyone. It is so secured that nobody can get any information out of the transaction. As a matter of fact, if you get to know someone's account number, you can see how many bitcoins are there.
9. The Disappearance Of The Inventor
It is said that Satoshi Nakamoto invented Bitcoin and started the first transaction by transferring them to one user. But nobody knows who is Satoshi Nakamoto and where he is. In 2011, he completely disappeared without a trace.
10. Fake Bitcoin?
It is impossible to create fake Bitcoin or replicate it because every Bitcoin is encrypted and for every transaction, it is decrypted and matched with the server record.
11. Can It Completely Collapse In Future?
Bitcoin was created for the worldwide transaction, but currently, the hype has got so high that people are buying it for investment. 64% of bitcoin are invested and inactive. The original purpose is lost completely.
12. Richer Than Chirstino Ronaldo
If you have invested $80 on Bitcoin in the initial years, by now, their wealth would have been higher than Ronaldo which is $130 million.
Before you jump on the running track and try to make a fortune, be aware of the risk of Bitcoin because the price can also fall exponentially.