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Important Facts And Figures About Bitcoins And Cryptocurrencies

Bitcoins
Bitcoins

If you are planning to invest in Bitcoins in 2022, it’s important to know that many people are questioning whether or not investing in Bitcoins is worth it. There have been numerous debates between experts and analysts whether cryptocurrencies like Bitcoins will survive in 2025 or even 2030.

Many experts have their doubts and say that investing in bitcoins is just throwing money away. But if you choose to be optimistic and want to give Bitcoin a chance for investment; these are some things that may help you decide which side of the fence you will stand on. For example, cryptos can still be viable by 2021 as a currency but by 2022, they could become more secure and easy-to-use if necessary. If you are into crypto trading investment, you may also consider checking the world of Non-fungible tokens and see the Pros and Cons of it.

Now, the world of crypto is full of interesting facts. The invention of bitcoin was itself an evolutionary movement. Since their invention, cryptocurrencies, especially Bitcoins, have surrounded many interesting facts which you should be aware of.

  1. No one knows the creator of the first cryptocurrency Bitcoin:  In 2009 the first version of the first cryptocurrency bitcoin came into the introduction with the name Satoshi Nakamoto. But the communication was done electronically. The bitcoin protocol has also been released by a cryptographic mailing list. So, it was impossible to know whether the name Satoshi Nakamoto was a single person or a group. That way the persona remains anonymous till now.
  2. The maximum number of Bitcoin is limited: At the time of release, the protocol of bitcoin said that there can be a maximum of 21 million bitcoin that can ever exist. Furthermore, bitcoin can’t be created or mined. So, the number of Bitcoins is limited.
  3. 18,000 cryptocurrencies in existence: Since Bitcoins were invented, Altcoins showed up in the picture. Some examples are Litecoin, ether, tether, XRP, Salona, Polkadot, dogecoin, etc.
  4. Bitcoin is compared as valuable as gold: Many people have started investing in bitcoin with the websites and the number is increasing day by day.
  5. Cryptocurrencies can’t be physically banned: cryptocurrencies are digital money. They don’t have any physical form. They use Blockchain technology that is distributed among its users. Bitcoins are not controlled by any government or financial firm. So, they can’t be totally banned. Rather some countries make some regulations about their use.
  6. Cryptocurrencies are taxable: Cryptocurrencies can be taxable depending on the country’s law. In some countries, people are making an excessive profit from crypto trading which is attracting tax agencies to have a close look at them. Some states like the US are thinking of levying tax on crypto income.
  7. EI Salvador was first to make bitcoin legal tender: The president of EL Salvador, Nayib Bukele announced that bitcoin is a legal tender just like the US Dollar. EI Salvador is the first known country to officially declare Bitcoins as their preferred payment method.
  8. 2140 will be the year to mine the last piece of Bitcoin: Currently, almost 19 million Bitcoin have been mined out of 21 million. So, by calculation, the remaining number of bitcoins will be mined in 120 years.
  9. China was the biggest crypto miner: China is the country that was the biggest crypto-miner in the world. Big mining pools are situated in China where cloud mining used to be done. But, due to some environmental problems and the high amount of electricity charges required, those mining pools were banned now by the Chinese government.
  10. 20% of bitcoin has been lost forever: According to some investigation, almost 20% of bitcoin has been lost. The 20% of total bitcoin means 3.76 million bitcoins which is currently valued at $190 billion.
  11. Around 100,000 bitcoin millionaire addresses in the world: Bitcoin trading and investing can be done anonymously. So, finding out the acquired number of bitcoin millionaires is very hard. But, according to BitInfoCharts, there are 98,180 bitcoin wallet addresses that hold bitcoin worth $1 million or more.

Final Words

So, these were some important facts and figures about bitcoins and cryptocurrencies you needed to know about. If you are going to get started with Bitcoin investment, knowing these important terms will be of helpful use to you. Happy and secure trading!

 Read more: Bitcoin Exchange Platforms- How Do They Work? Points To Note

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