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Facts about bitcoin that you should not miss out on

Published: in Finance Advice by .

Bitcoin Motion is the field that will be relevant for many more years. Started thirteen years ago, and having a roller coaster ride since is what makes crypto a more interesting one. All through the ride, the price was always shifting. It was never still. Beginning with a value of zero dollars and then hitting the value of sixty-eight thousand united states dollars, we must say it has come a long way. In fact, the price now shows something around twenty-three thousand united states dollars as of august 2022.

When it comes to investing in Bitcoin, people have always been in two minds but things are steadily changing. Lucky were those who had already made some investment. Now, more and more people are trying to get indulged in this, but factors like a trustworthy platform, volatility etc., are stopping them from taking a concrete decision. Well, we cannot do anything about the second one; but talking about a reliable platform to trust your money with, we must say it is worth trying one of the most cherished ones. Register now to get started with your crypto journey on one of the most appreciated platforms.

Scarcity

The total number of bitcoins is just 21 million, which was predefined by its creator, who himself had a hold of 89 thousand cryptos. As per the record, the world last had its trace in 2011. Most popular beliefs are that Satoshi is no more. If he is, right now, he would be the richest person. However, considering him gone, we can say those cryptos are also gone. Just like Nakamoto, many other people died as well who did not share their private keys with anyone. And finally, some traders and investors also lost their storage options containing the private keys. Some forgot the passwords. In anyways, it is a loss of your cryptos.

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Bitcoin and the dark web 

Bitcoin is not a dark web thing. The more it is growing, the more it is becoming a common phenomenon to associate it with dark web activities. Well, it was never true. Some illegal activities can take place anywhere in the world with cryptos. If so, then all the illegal activities all over the world have always been done with fiat money. But we did not abandon or at least blamed fiat money for that. How come? Because any currency has zero responsibility for such incidents. Anything can become the medium of some unhealthy intent and activities.

Consuming a high amount of electricity

 The electricity consumed for mining purposes consumes an extensive amount of electricity. Undoubtedly, a large amount of power resources is being used in crypto investments. Ireland is the second most populated country in the European region. In this country, the entire population together does not consume as much electricity as used for the cryptos mining farms. And the amount is not more by a little, and it is manifold actually.

Ban on bitcoin

 You will not find the same kind of status regarding the acceptance of bitcoin all over the world. At the same time, one can see that countries like America, Canada, and Ireland have made their gate open for the first digital currency. Then comes the countries such as India, Iran, and Thailand, where the government have not banished the cryptos but has asked their residents to be a bit careful about it. And here come countries like Bangladesh, Bolivia, Ecuador, and Iceland, where the usage of cryptos is completely banned. Bitcoin is banned in Chinese countries as well for some different reasons, though.

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Conclusion!

 The idea of crypto is still vague to many people, and there is no one to blame for that. The entire world of crypto is really a bit complex. However, the complexity of the process is also why it is considered one of the most secured currency systems. The mastermind behind this, Satoshi Nakamoto, was really a genius who eliminated any central authority from the functioning of crypto. Therefore, making something out of digital currency depends entirely on your own hard work, knowledge and trading skills, willingness to take risksrisk, and your nerves needed to stay calm in difficult situations.

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Finance Advice 2021