Hi! In my last article, I had covered an in-depth overview of cryptocurrency. Hope you all enjoyed it, If you haven’t read that I would suggest visiting the article once and then checking out this article. I have attached the link below to my last article on “Cryptocurrency”, Kindly check it.
Bitcoin is also known as BTC, a digital currency invented in 2009 by Satoshi Nakamoto. The identity of this person and the motivation behind this invention is still a mystery to the world. It uses blockchain technology and maintains a public ledger without involving any third parties. Bitcoin has a limit of 21 million. In the current market, already 19 million has mined.
Now, What is bitcoin mining?
Mining is the process of creating a bitcoin by solving complex problems. The people who solve these complex problems to create bitcoins are called Miners. The first miner to solve this problem rewards with a Bitcoin. Mining is also a process of recording bitcoin transactions.
Hope, Now it is clear for you. What exactly do I mean by 19 million bitcoins has been mined, and 2 million bitcoins are left to mine. That means 19 million complex problems had been solved, and 2 million are left to solve. As per the predictions, by 2040 all the 21 million will be mined. The first bitcoin mined is on 9th Jan 2009. Wow!! That was interesting.
Bitcoin is the first cryptocurrency to use peer-to-peer technology. Peer-to-peer (P2P) technology refers to an exchange of cryptocurrency(i.e. bitcoin) between two individual parties without any third party involvement.
Now, you might be getting a doubt. Every cryptocurrency has its advantages and benefits. But what is so special about bitcoin?
In the current crypto market, Bitcoin is one of the popularly used currencies. It is being traded since it came into existence. But, In the last two years, it recorded massive growth and acquired a high value. Let’s look into the behavior of bitcoin in the last few years.
In Mid-April 2021, Bitcoin reached its highest value, $65,000. The reason behind this unexpected curve is Tesla and Coinbase, respectively. Tesla’s announcement of acquiring 1.5 billion US digital coins(i.e, bitcoin) as well as the IPO of the US biggest crypto exchange fueled mass interest. After that, government regulations on bitcoin trading and increased rates of taxes made it fall a bit. Apart from government regulations, Elon Musk played a vital role in the curve of Bitcoin value.
After this post of Elon Musk on 04-Jun-2021, Bitcoin value slipped by 3% to around $37,809. Things went crazy with bitcoin evolution in the last two years. Now, When I’m writing this article i.e. on 02–03–2022, the bitcoin value is $44,239.90. Leaving you to explore more about bitcoin, I’m signing off, and I love to discuss your opinions on investing in Bitcoin in the comment section.
Thank you!
Have a nice day :)
