There is a great probability that you must have already heard about Bitcoins. Crypto has been in the world for the last whole decade, and although In its early stages it wasn’t known by a lot of people due to the skepticism and uncertainty prevailing in the market regarding it, in recent times, there has been a global awareness about crypto and bitcoin in particular. And along with this increased awareness, there has also been a surge in the acceptance and adoption of bitcoin.
Therefore, we believe that you must have heard about bitcoin already as well.
Despite this recent surge in its adoption and acceptance, there is a large proportion of the market which is still quite uncertain, doubtful, and skeptical about bitcoin, and investing in cryptocurrency in general. We believe that there should always be two sides to a matter; both a positive and supportive one and also a critical side that analyzes and critiques the phenomenon. In this case, this uncertain side of the people is also very important, as the questions, they raise about bitcoin, not only clarifies their own confusions but also answers the questions of a lot of people. And in order to be inquisitive and curious about something, one requires a certain amount of knowledge about the matter on hand. Despite so many questions being asked, and a lot of them having been answered, there is still room to ponder stuff about bitcoin. Use the BitQL website, if you want to trade your crypto online and generate wealth without even doing anything by yourself.
We are certain about one thing, and that is that bitcoin is not a scam or fraud concept/crypto. The purpose of this article is to enhance your knowledge about crypto and to make you educated enough on this matter so that you are aware of the basic facts about bitcoin before you go on asking further questions about it. Here are 5 basic essentials you should know about BTC:
1. Who invented Bitcoin?
Almost a decade ago in 2009, an individual or possibly a group of individuals by the name of ‘Satoshi Nakamoto’ created the first cryptocurrency by the name of bitcoin. However, soon after this, Satoshi Nakamoto vanished and has not been spotted anywhere ever since.
It is noteworthy, that over the last decade, there have been a lot of people who surfaced up as Satoshi Nakamoto. Nonetheless, these people could not prove this identity and none of them have been identified as the real Satoshi Nakamoto.
It is a popular opinion that because of the decentralized nature of this virtual currency, the creator should also probably remain anonymous. After all, eliminating the only single personality which could be attached to BTC eliminates all the effects on politics, principles, and the ability to make decisions for the community.
2. What is the total amount of BTC?
Another major fact about the virtual currency, bitcoin, is that its currency is not unlimited like fiat but is limited to a total threshold of 21 million coins. Only 21 million coins can be mined ever, of which approximately 18.5 million coins have already been mined. This will ensure that the price of bitcoin does not go down, but rather upwards in the long term.
3. A few of the largest BTC Wallets are owned by the Federal Bureau of Investigation
The Federal Bureau of Investigation shut down the Silk Road, a black market, where illegal trade and transactions were being conducted using the BTC. During this operation, about a total of 1.5% of the total BTC were acquired by the FBI which had been moving in the black market.
Although 1.5% does not sound like a very big amount, the fact that it is owned by just one institution is something worth noticing.
4. Losing your Bitcoin Wallet, which is a private key also means losing all the BTC you own
The BTC that a person owns is stored inside a BTC wallet, which can be logged in to track your BTC balance. It is suggested to be very careful when storing the password and the key associated with your BTC and digital wallet, as they enable you to access them. In the case where you lose the password or key, forget it, or get it stolen, you lose access to your wallet and all the coins inside it.
According to some reports and their data, almost 20% of the total supply of BTC has been lost. This is because people have misplaced or lost their computer systems, laptops or got their wallets stolen.
5. A great deal of volatility is associated with BTC Price
It is a known and well-observed fact that BTC, despite being the most valuable crypto in the market, has an even greater amount of underlying volatility. Over the passage of time, a lot of investors have earned great gains from this volatility as well. However, due to this underlying volatility in BTC, it cannot become a proper currency acceptable worldwide, like fiat. Some market experts and analysts even forecast that if BTC continues to follow this trajectory of volatility, the leading crypto might even collapse someday in the future.
Several market analysis tools and market analysts have identified a number of causes that can describe this volatility in the BTC. Of these factors, some are; the regulation factor, lower liquidity, the market size, and several different news events.