Cryptocurrency has become a popular form of investment in recent years. Although bitcoin has been through many price fluctuations in the past, it is still at number one position. More and more people are joining the bitcoin market these days in the hope to earn huge profits. But they are unaware of certain interesting facts related to BTC. In this article, we have shared some amazing facts about bitcoin investing that everyone should know. Let us have a look at these facts one by one:
We Have Lost About 20% Of BTC Forever:
According to the reports released by a crypto company called Chainalysis, we have lost about 20% of BTC forever. These lost bitcoins are stuck in wallets that cannot be opened or accessed. The worth of these lost BTCs is around 3.76 million. Many crypto owners passed away and did not share their wallet details with anyone else. This is one of the biggest reasons why we cannot access these lost bitcoins. Without having the secret key, one cannot open the crypto wallet. Once you lose this secret key, you cannot get your digital currency back in any way possible.
Limited Supply Of Bitcoin:
If you are planning to put your resources into bitcoin, it is essential for you to know certain things about it. Only a limited supply of Bitcoin will exist in the world and that amount is about 21 million. Approximately 18.8 million BTC coins have already been mined and are getting circulated in the trading market. These things are written into the DNA or code of this digital coin.
Out of 18.8 million coins, we have lost some coins forever as mentioned in the above point. 90% of the total bitcoins are already being traded and remaining ones will be mined in the coming 120 years. In the meantime, if you are looking for a trading platform that offers superior technology to invest in bitcoin, then consider checking out BitcoinBoom.
The Creator Of The Bitcoin Is Unknown:
One of the most surprising facts about this digital currency world is that nobody actually knows its creator. It is still a mystery that needs to be solved. However, people believe that the inventor of bitcoin is Satoshi Nakamoto but there is no proof related to it. Back in 2016, an entrepreneur from Australia named Craig Wright claimed to be the creator of BTC but later it was proved that it was just a scam.
The First Thing That Was Bought Using BTC Was Pizza:
Here is another interesting fact about BTC. Nowadays, digital coins are being used to purchase many things. But do you know what was the first thing that was bought using bitcoin? Pizza was the first thing. The person that bought this pizza had to pay about 10,000 BTC for it because at that time the value of one BTC was just 0.2 dollars. Laszlo Hanyecz was the first person who bought two pizzas on 22 May, 2010. At that time the worth of 10,000 BTC was just 41 dollars. This is known to be the first commercial BTC transaction.
It Cannot Be Banned:
We have heard the governments of various countries talking about banning bitcoin. It is because it is decentralized and not in control of any central authority. But you know what is reality? Bitcoin cannot get banned by anyone. As long as you have access to the internet and a BTC wallet, you can invest in it or trade it. Many nations tried to ban it but there are some nations that have made digital currencies legal.
Benefits Of Investing In Bitcoin
Bitcoins are easily accessible and every investor can invest in it. You do not have to fulfill a lot of prerequisites to be eligible for investing in BTC. All you need is a good internet connection and a smart device to invest in this digital coin. You can use this digital currency to buy a lot of different products. The transactions made using bitcoin usually take only a few minutes to get complete.
Potential Of Gaining High Profits:
One of the main reasons why every investor is putting his resources in bitcoin is its potential to provide high returns. It is the most popular digital coin all around the world. However, due to its volatile nature, its price fluctuates every now and then. Because we have only limited amounts of Bitcoin, its scarcity will lead to exponential rise in its price.
The best part about digital currency is that it is decentralized, which means that no central authority or third party controls its regulation. No authority has the power to freeze your digital coins. It means that investors have full control over their digital money. It is one of the biggest advantages of investing in bitcoin.
The biggest concern of every investor while putting his money in cryptocurrency is privacy and security. Let us tell you that investing in bitcoin is completely safe. You will be given a secret key to access your BTC wallet and you should never share it with anyone to avoid any fraud. The transactions made using bitcoin offer high transparency. Records of all the transactions can be viewed by anyone but it is still safe from scams because of the blockchain innovation.
To Sum Up
Nowaday, every new investor is looking forward to joining the crypto world because of its high potential to grow. Among all the digital currencies, bitcoin is the most popular. Despite many fluctuations in its price in recent years, it still manages to secure the number one position. If you want to put your resources into BTC, it is essential for you to know some facts related to it. Check out the above points to know some amazing facts about BTC that you may not know already.