Bitcoin is one of the most trending terms in recent times to have taken over all kinds of media.Be it social,print.Everyone is suddenly interested in the new crypt o currency and what is it all about?
What is Bit-con?
Bit con was created by an unknown person under the pseudonym Satoshi Nakamoto.It was create in the year 2009.Here the transactions don’t involve any middle men i.e. it does not involve banks.
While understanding the Bit con will ,make things clear there are some interesting aspects of the same which you need to take into account if you ever plan to deal with it.
Some compelling aspects of Bitcoin
Bitcon has a limited number i.e. 21 million and this number is only going to increase by the 2140.Till this time only around 16.7 million bit cons have been released.The next in the lot around 12.5 million new bit cons are released approximately every 10 minutes which competes to solve complex algorithms.
You need a lot of energy,electrical that is to create the continuous generation of crypt o.According to analytic s as more miners enter the market it is going up to drive the consumption even further and will require even more energy.
You don’t need to buy a whole bit con.A small fraction it will also do.The smallest currency is called Satoshi named after its founder.
The performance of Bit-con has been impressive since its first ever performance in 2011.Many people are of the view that Bit con is more of a speculative instrument than pure currency.That’s because it has huge volatility,high transaction costs and also very few merchants accepting it.
The security issues also loom large as data tells something else.Around more than 980,000 Bit-cons have been stolen by various hackers or insiders and most of the times the source is unknown.
Who is the creator of Bitcoin is a mystery still unknown to everyone.Some claim it is Nakamoto some say it is Elon Musk but it still remains a big question.
There are rivals in the waiting.Every new thing has a rival right? It cannot be devoid of any rivals and it certainley should be the case.So far Bit-con has around 1000 rivals with data from trade website Coin Market Cap.
The average fees paid to process Bit-con has well taken a rise over the past one year.It has left back the very high price increase of the crypt o currency also.
However there have also been issue of lost bit cons as people don’t have the correct knowledge still on how to us the crypt o currency.Some of the reasons of the lost bit con are the most common one -forgotten passwords,hoarding,forgotten coins.Some of the bit cons which have mined have not been spent.