Bitcoin is currently being used by more than 5 million people from all around the world. Even though there are plenty of cryptocurrencies on the market, a majority of the crypto investors choose Bitcoin as it is far superior. It has many advantages over both regular payment methods and other cryptocurrencies.
Even though the number of Bitcoins is limited to around 21 million, experts have stated that it won’t be until 2140 until all Bitcoins are mined. There are plenty of other things that you should know about this cryptocurrency, especially if you are planning to invest in it.
That is exactly the topic that we wanted to discuss in this article. We’ll be unveiling some general things that you should know about Bitcoin. So, let’s start diving into the details.
It Does Not Have A Physical Shape
Bitcoin is a cryptocurrency or in other words, a digital currency. That means that it does not have a physical form. Instead, its presence is online and you can only use it on the Internet. The biggest benefit of Bitcoin being a digital currency is the fact that it provides users with instant online transactions, allows them to void fees, and has fantastic security since it provides you with a certain level of online anonymity.
The Biggest Challenge Is Its Volatility
Bitcoin comes with a very high volatility rate. That means that its price changes daily. It may rise on some days, but it can also plunge in value. Its volatility rate is the biggest challenge for those that are trading with it and are hoping to make a profit.
A good example of its volatility is the $1.5 billion investment from Tesla. After the company invested the said amount in Bitcoin, its price rose by more than $4,000 in less than a week.
You Sell It At Trading Sites
Reputable trading sites like the Immediate Bitcoin platform are the platforms where you sell Bitcoin and make a profit. Vice versa, you can also purchase it here. One thing to know about them is that you must register to use their services. But, the good news is that the process is fast and very simple. After you register, you will most likely be asked to verify your identity by sending the trading site a photo of your ID card, driver’s license, passport, or any other related credible document.
Bitcoin ATMs are also an option for selling and buying Bitcoins but they are hard to access and come with tons of fees, which is why we focused only on trading sites.
The Creator is A Mystery
Bitcoin’s creator is known as Satoshi Nakamoto. But, the interesting part about Satoshi is that we know absolutely nothing about him/her. We don’t know the gender, age, or nationality. We aren’t even sure if Satoshi is just one person or a group of people.
Throughout the years, numerous speculations as to who Satoshi might be appeared, but nothing has been confirmed. The only authority that supposedly knows who Satoshi Nakamoto is, is the CIA.
You Can Use It To Purchase Various Goods and Services
Earlier, we mentioned that due to the fact that Bitcoin is a digital currency, it is by far the best option for purchasing goods and services. But, what are some of the companies that accept Bitcoin? After all, many governments deem it as an outlaw, so one might think that the options are very limited.
The truth is quite the opposite. There are thousands of companies around the world that accept payments with Bitcoins with some global brands such as Overstock, Shopify, Wikipedia, Starbucks, Microsoft, and Subway being just a few of them.