The crypto market is valued at over 2.5 trillion USD. With Bitcoin technology becoming more accessible, that number is just expected to grow. Emerging crypto markets provide a unique opportunity for investment funds and individuals to grow their wealth exponentially. Keep reading to learn more facts about bitcoin technologies.
1. Bitcoin Is the World’s First Cryptocurrency
Satoshi Nakamoto, integrated ideas from the cryptography community to create the first form of cryptocurrency, Bitcoin. Since the introduction of Bitcoin, the crypto industry has experienced exponential growth.
The first coin was released in 2009 and slowly grew in popularity. It first became available for public use in 2010. Initial investors in Bitcoin were able to exponentially grow their returns over the years.
2. Bitcoin Can Be Lost
Crypto data firms report that nearly 20% of Bitcoin has been lost forever. It has been trapped in digital wallets that are inaccessible. The privacy policies that help secure digital funds like Bitcoin guarantee that without the password these funds disappear.
When people pass away without sharing their log-in data, the coins they have accrued are lost forever. The same happens when people lose their crypto key or password.
3. There is a Limited Amount of Bitcoin
Only 21 million Bitcoin can ever be created. This restriction is currently built into the coin’s DNA. This doesn’t mean once all 21 million are mined that the crypto market will die, it just means that Bitcoin as a currency is a limited currency.
Every four years the number of Bitcoins in circulation gets slashed, meaning that it could still be decades before we reach the 21 million coin limit.
4. Bitcoin Is Banned in Some Countries
Although cryptocurrency markets have surged in markets around the world, some countries have banned the use of Bitcoin. Even though China has banned the use of Bitcoin, the world Bitcoin network actually reports that nearly 20% of mined coins can be traced to the People’s Republic of China.
Qatar, Russia, Turkey, North Macedonia, Bangladesh, Egypt, Morocco, and Iraq are other countries that have banned the use of cryptocurrency. These restrictions have kept these populations from achieving their digital wealth potential.
5. Bitcoin Mining and Spending is Done Digitally
Every Bitcoin transaction requires computers and robust networks to support the crypto exchange. In order for Bitcoin to be created, the computers must solve different equations and algorithms; once these are solved users receive a Bitcoin as a reward.
If you don’t have the infrastructure to launch a mining operation, you can use a bitcoin ATM to purchase Bitcoins. Use this map to find a Bitcoin ATM near you.
Learn More Facts About Bitcoin
As the world becomes more digital, the crypto market will continue to expand. That is why it’s important to learn facts about Bitcoin. If you stay up to date on crypto-trends and news, you can equip yourself to be successful in this highly lucrative economy.
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Also read: Everything You Need To Know About Cryptocurrency & How Does It Work?