Bitcoin has a mystery surrounded to it. Ever since it’s origin people have been a bit paranoid about this digital currency. However with time slowly people have accepted this advanced form of currency and have started investing in it.
If you have followed Bitcoin closely, you must have known that the world has got quite a few Bitcoin Billionaires now. What makes Bitcoin a center of attraction is the fact that it is a volatile currency. It is unpredictable and it makes people earn a huge profit.
However, no matter how much-renowned Bitcoin has become but there is a lot of mystery surrounding it and I am sure that most of the people are unaware of it. So, I thought that why not for you guys, I should make a list of crazy facts about Bitcoin.
So, let’s began!
- Bitcoin has no fixed or inherent value!
Just like we believe that US Dollar or a Euro is worth a certain amount say 1 USD or 1 Euro because it is written on a piece of paper that we consider as a dollar or Euro. In the very same way, Bitcoin has a value just because we say that it does and we are trading and investing in it so much. Bitcoin is just some digital code that we are giving value by trading it for goods and services.
The popularity of Bitcoin is directly related to its popularity. The more the popularity of Bitcoin increases, the more is an increase in its value.
Transparency of Bitcoin keeps it tick. Bitcoin is very open to it’s users about transactions and amount, not the personal data. Anyone can easily access the public ledger of Bitcoin which is Blockchain. Blockchain keeps the record of every transaction and anyone can see it on the internet. This feature creates a sense of security and trust among Bitcoin users.
- You can mine Bitcoins
Yes, you heard it right. You can mine Bitcoin and that also sitting at home in front of your computer. Many traders around the world use computer software programs to solve various mathematical problems to verify various Bitcoin transactions around the world. In return, they get a certain amount of Bitcoin as reward.
- Cheaper and rapid process
Sending money across the border is never easy with fiat currency. Banks charges a huge amount of fee in the form of the bank transfer fee, convention fee among others. Not just that, the bank process is quite slow and it takes 4 to 5 working days before the money is transferred. Whereas the transaction process of the borders is much cheaper and quicker with Bitcoin. It takes just a matter of a few minutes for the transaction and the fee is very little to nothing.
- Bitcoin has a digital wallet
Just like a physical wallet, when you log into your Bitcoin account there is also a digital wallet where you can see your balance. Trust me, the Bitcoin wallet is very safe and secure and people can’t hack the currency out of your wallet unless you give it away from yourself. However, once a Bitcoin wallet is lost, it is very hard to revive the wallet or get your Immediate Bitcoin back.
- You can pay in Bitcoins
Bitcoin may just sound like fancy trading equipment and of no real use. Y0u will be shocked to know that there are many stores and outlets that accept Bitcoin as a mode of payment. Famous brands like Rolex, Microsoft, Newegg, Dell, Reeds Jewelers and some even local pizza places in USA accept Bitcoin as a mode of payment.