So in this list, I’ll be showing you 5 things you didn’t know about bitcoin
5) The Creator
Nobody knows the true identity of the creator of Bitcoin.
All we know is the name Satoshi Nakamoto is the person behind it, but this name is just a pen name.
So the real creator could be called anything.
Many people have speculated that the creator could even be Elon Musk but there really isn’t any evidence to support this.
This came about since an ex Space X employee came out claiming Musk was the brains behind Bitcoin.
Whoever the creator is, one thing is for sure.
The man or woman would be filthy rich.
Its estimated the creator would have mined over one million bitcoins in the early days.
In today’s value, 1 million bitcoins would be worth around billion.
4) Very expensive pizza
Bitcoins value has grown so much since it started that early transactions have created millionaires.
For example, the first transaction involving bitcoin was on May 22nd, 2010.
The transaction was for a pizza that a programmer paid 10,000 bitcoins for.
Those 10,000 bitcoins today are worth around 0 million.
That’s without a doubt the most expensive pizza ever made, let’s just hope that the person who sold the pizza kept his bitcoins and didn’t spend them right away.
3) Government Bitcoins
At one point in time, the U.S. government was one of the largest holders of bitcoin.
You’re probably wondering why did the US government buy so many bitcoins?
The truth is they didn’t buy them but rather confiscate them.
In 2013 when the FBI shut down Silk Road, a website notorious on the dark web for selling drugs, and other illegal goods and services, they took control of bitcoin wallets controlled by the site.
There were millions of dollars worth of bitcoins, in fact, one wallet held over 140,000 bitcoins.
Whichever darkweb millionaire gangster that wallet belonged to, he or she is probably very pissed off.
There are many notable people who support bitcoin and others who disagree with it.
The Winklevoss twins who sued Mark Zuckerberg claiming he stole the idea of FaceBook from them, even invested million into Bitcoin in 2013.
But one investor named Erik Finman had a real stroke of luck.
When he was just 14 years old, he invested ,000 that his grandmother gave him into bitcoin.
Today he is a multi-millionaire at only 18 years old.
Its said he owns just over 400 bitcoins, which would make his net worth around million.
However, don’t think its that easy to become rich because it really isn’t.
Bitcoin is extremely volatile and there are many companies that try and trick you out of your money by using stories like Eriks.
By all means, invest in Bitcoin, but just make sure you do your research.
Bitcoin like any other currency in the world really has no value in itself.
The value of money today is based purely on what people set it to be.
Unlike in the past where money was made using expensive metals such as gold.
The actual value of a dollar bill in terms of the material used to make it is nothing.
The value comes from what people collectively will trade goods or services for.
The same goes for Bitcoin, as bitcoin becomes more popular the value will increase.
However where Bitcoin differs to other currencies is that there is a finite number of bitcoins in the world.
There are exactly only 21 million bitcoins in the world and that number won’t change.
This means as bitcoins become more popular, the value of each bitcoin will keep increasing.
The US dollar, for example, isn’t finite.
The federal reserve can keep printing more money and put more dollars into circulation.
So the value of the dollar will in the long run just keep decreasing.
Any currency that is finite, will keep rising in value as long as its popularity increases.
So you could even say that if this video makes a few people start using bitcoin, I have indirectly increased its value.
As of this moment, not one of the exchanges in India support bitcoin money. A currency should likewise not be artificially sparse. Although both digital currencies are alike, some exact essential differences make Litecoin the more favorable alternative. Other bitcoin exchanges will be cautiously evaluated by the NYSE and will need to fulfill the excellent standards determined by the stock exchange. Bitcoin exchanges like Mt Gox in Japan, Bitfinex and various different wallets and exchanges are hacked.
With the recent Bitcoin price at such a minimal price, it is surely possible a great deal of people may go long. Some individuals even argue that dollar bills have intrinsic price, as they can function as kindling or maybe to write on. Then the whole value of the currency needs to be equal to the whole value of all of the wealth on the planet.
Bitcoin’s price is normally shown as the price of a single bitcoin. Thus far, the Bitcoin price appears to follow that pattern once more. Bitcoin’s Price There is not any official Bitcoin price. The expense of mining bitcoins can be super high on account of the sum of electricity it can take to mine the bitcoins on your PC. To begin with, the purchase price of bitcoins has been extremely volatile in the previous 1 year, which indicates that it’s a high-risk item. So, for instance, the BTC price could suddenly drop from 0 to 0 and at exactly the same time be a really good investment since if you get it at 0, it’s still expected to create a competitive return.
When trading in Bitcoin, you will discover that there is some volatility. It is a very volatile commodity with regard to its pricing,” he added. For the time being, it’s unclear which direction the marketplace will head in. You could also opt to play the markets, where you will realize that you’re able to secure some Bitcoin fast. Historically most of the speculative demand appears to originate from a number of investors with higher risk tolerance and very low time preference, with the expectation that prices will gradually go up (for a number of reasons). Its supply is restricted to an ultimate 21 million bitcoins, but you might argue that inflation sometimes happens through alternative cryptocurrencies, like the recently created Bitcoin Cash.
In a very first step someone could create a very simple regression model to gauge the coefficient of a single unit of market adoption in the marketplace price. Longer term, the idea of a crypto-currency makes plenty of sense to me. There are two primary theories being used to figure out the possible value of a single bitcoin. If you study economics in any respect, you know that it’s the imputation of value to something that gives its worth. Bitcoin’s sound monetary policy is among its most important capabilities. If you comprehend the possible effects of Bitcoin, it won’t be challenging to fully grasp why investing in bitcoin might be a great idea. Interestingly, you may see the coverage becomes a great deal more positive in November, the moment the coverage exploded.
Setting up Bitcoin can be carried out with ease, and is a lot simpler than attempting to open up a bank account. As you’re trading Bitcoin, you will see that it’s very similar to trading normal currency as what you’re doing is using one currency to purchase the other. You can receive free bitcoins at this time!