Bitcoin: What to Know Before Getting It?

Bitcoin was a popular financial-related and investment platform after its release way back in 2009 by a brilliant man named Satoshi Nakamoto. This young made a lot of possibilities happen, as well as improvements and adaptation of changes.

Given that, a lot of people began their journeys on this platform. Investing and trading became a source of living by other people across the world since it promotes efficiency and effectiveness at all times. Now, if you are already interested in starting your own journey towards success in this platform, below are some things that you need to know before getting it. In this way, you’ll be more aware and knowledgeable about handling it, especially in times of crisis. So, let’s start the countdown!

Losing Bitcoins

If you lost your Bitcoin address, known as your private key, then it does not only mean that you lost your unique identification but also all of your bitcoins stored in your wallet. Several kinds of research have proven that at least 60% of Bitcoin addresses are lost and turned into ghosts. This then means that a chunk of bitcoin users lost their addresses and are now unable to access their wallets.

Processing Power

The mining process of bitcoin is quite expensive. Here, you are required to pay a lot, as well as consume time and electricity. The process also requires more servers to be used for specific purposes. If you have a fast-processing data, it can help you then to make blocks be added to a blockchain and later reward you with bitcoins.

Liberland

In 2015, a micronation between Serbia and Croatia called Liberland was born, and it was founded by a politician, activist, publicist, and the president of that place named Vit Jedlicka. Its official currency is bitcoin since the government believes that the blockchain’s underlying concepts provide transparent and secured methods for recording physical, financial, and electronic assets.

Bitcoin Ban

Although a lot of countries such as America and Canada have accepted Bitcoin wholeheartedly, there are still those who didn’t. These countries include Iceland, Bolivia, Ecuador, and Bangladesh. They all banned the operation and usage of bitcoins in their country. Other countries such as Thailand, Iran, and India are still asking the citizens to be safe when using cryptocurrencies yet didn’t ban it completely. However, despite that level of acceptance, bitcoin is not still treated as a legal tender.

Limited Bitcoin Numbers

Existing bitcoins are limited in the market, wherein only 21 million is allowed. At these moments, there are already 17 million bitcoins in circulation, and it means that almost 80% of the 21 million are already mined. Despite that, you shouldn’t worry as there are still bitcoins to mine until 2140. This is done by rewarding the mines with 12.5 bitcoins in every block they add to the blockchain. Also, every four years, the said reward is reduced to half. Supposed to be, the next halving was meant to be done in 2020, wherein there will be a reduction of 6.25 bitcoins. For more information you can visit here official site

Faster than Supercomputers

The Summit was recognized as the fastest supercomputer in the world, and it works at 122.3 petaflops. This refers to an operation quadrillion floating-point per second. Once you took a look at the Bitcoin network, you’ll see that about 80,704,290 petaflops are working and processing the power. However, if a supercomputer is developed to accomplish a variety of things, bitcoin networks are only meant for adding blocks to the blockchain.

Power of B

Lastly, Bitcoin with an uppercase and bitcoin that has a lowercase have their own meanings. Bitcoin with the small letter B refers to the cryptocurrency used to perform transactions, while bitcoin with capital letter B refers to the ledger storing the transaction information.