Growth is happening now
In the recent weeks of World economy the most debatable topic is Bitcoin no doubt. In this week, the valuation of 1Bitcoin has got sky rocketed to 16,000$ on the Luxembourg-based Bitstamp exchange. This has been increased 4000$ in the last just week. There is lot of speculation is going on in the market is that if this is just a bubble and going to burst anytime. There are also very differences in the price point of view in different exchanges.
We decided to put some light on some very important and basic points on the bitcoin which no one is talking about.
Bitcoin creator is still Anonymous
From the starting time there is lot of attempt to find out the creator of bitcoin. The name Satoshi Nakamoto is promoted as creator of Bitcoin in the market. But the real identity of this guy is complete anonymous. No one knows who he is, where he is. It is also not clear whether Satoshi Nakamoto, assumed that it is just a pseudonym, was a name used by a group of developers or by one individual. No one is still clear that Nakamoto is still alive or not.
Bitcoin has over 900 Competitors
In the current market scenario the Bitcoin is not only the Market leader. As per report there are more than 900 market rivals of the Bitcoin alone. All of their price points are also different. This is reported by by Cryptocoin market place coinmarketcap.
Bitcoin charges 7.30$ for each transaction service
In the initial days the transaction service was Free of cost in bitcoin. But as the popularity grows it is now getting momentum and they are charging 7.30$ for each transaction in the Bitcoin. This points has been collected from trade website BitInfoCharts.
Bitcoin is now two brothers
If you created or bought Bitcoin earlier than August 1, 2017, you also own Bitcoin Cash which is basically the clone of the original. On that date Bitcoin gone through a so-called software terminology “fork”, in which the main software code was splitted into two segments. One unit of Bitcoin Cash is now worth more than $1,300. That is roughly another 135 percent to the returns from a Bitcoin investment at the start of the year.
No one is spending Bitcoin
It has to be noted that the amount of bitcoing which has been mined only 17% approx is under circulation. Because of forgotten passwords, accidental losses, hoarding, owners often forgetting about coins or even dying. Now it is impossible to find out that what percentage of the bitcoin in the market is actually permanently lost. University of San Diego and George Mason University reported that 64 percent of the 12 million Bitcoins that had by then been mined had never been spent or came to market for circulation.
$15 billion worth Bitcoins have been stolen till date
More than 980,000 bitcoins have been stolen from different exchanges. That has been done either by hackers or the insiders of those exchanges. That’s a total of more than $15 billion at current exchange rates.
You can buy fraction of the Bitcoin
For buying the bitcoin you dont need to buy full 1 Bitcoin. You can buy any portion of it. The least currency of the bitcoin is known as Satoshi, named by the creator of Satoshi Nakamoto. One Satoshi is equivalent of $0.0002 at current exchange rates.
Mining Bitcoin will need more energy
The current gaining of popularity is attracting more miners to the market. The more it is happening, the electrical energy conversion to bitcoin is also getting more expensive. A recent estimate stated that a Motherboard put the energy cost of a single bitcoin transaction at 215 kilowatt-hours, which is nearly one week of electrical consumption of normal american household.
Bitcoin’s supply is not unlimited
Bitcoin’s supply is limited to 21 million. This is the limitation set by the computational process and algorithm. This number is expected to be reached around the year 2140. So far, around 16.7 million bitcoins have been released into the system, with 12.5 new ones released roughly every 10 minutes via a process called “mining”, in which a global network of computers competes to solve complex algorithms in reward for the new Bitcoins.