Bitcoins still fascinate much of the world’s population as they try to hang on to their physical cash. However, bitcoins are the future and should be embraced early not to miss out on the conveniences and advantages of them. Such as being able to conveniently pay for goods or services with anonymity and little or no fee. From an investment point of view, they have excellent growth potential. Traders such as bitcointrader.ai are a good place to start to begin an investment.
The inventor of the bitcoin is somewhat of a mystery. The only clue is that they were invented in 2008 by a group of people who used the name Satoshi Nakamoto. The whitepaper made available to the public was written under the pseudonym of Satoshi Nakamoto. So, who the inventor’s real name remains to be discovered. They have remained as anonymous as those who purchase goods using this cryptocurrency. As an invention, it was certainly something of a revolution in the way that it allowed us to have a virtual currency at our fingertips. It is, however, still to catch on in many circles. For those in the know, bitcoins have great investment potential, with the ability to climb to incredible levels. Historically, that has been the case, and with ever-increasing demands for them, there is no reason to think, for those who trade in them, that this will not continue to be the case.
Interestingly, on 22 May 2010, the first bitcoin purchase ever was for a pizza. This was at a time when no retailers were accepting bitcoins. It makes sense to still make the association because like the food is quick to obtain and easy to eat, so is the bitcoin easy and quick to pay with. This story means that the 22 May will forever be known as Bitcoin Pizza Day. We can today not just continue to enjoy pizza but to use bitcoins to pay for a variety of goods and services. So, there is no need to cash in your investment of bitcoins to make purchases, you can use them as ready cash.
Apparently, bitcoins do not grow on trees. They are not like money that can be printed whenever governments order it to control the economy. Instead, there will allegedly only ever be 21 million bitcoins available. This means that the demand for them will at some point outstrip supply and make them a very desirable currency as a form of investment. Prices will invariably benefit from a shortage of supply when they are such a convenient and anonymous currency to pay with.
At the time of writing, over 16 million bitcoins had been mined and were being traded. It is stated that the last bitcoin ever will be mined in 2140 and no bitcoins will be able to be mined after this date. Bitcoins remind me of depleting energy sources such as gas or coal, except that they will not be used up but remain in circulation somewhere.
As an untraceable currency, bitcoins provide complete anonymity for their users. Purchases can be made without others finding out and judging their buying decisions. Businesses can avoid competitors being able to find out what secret ingredients they might have bought for a recipe or used in their latest engineering feat.
When bitcoin users make bitcoin transactions, their name or identity will not be used in any form, only their public address will be available. So, if nobody knows their public address and is unable to link it to them, payments are kept hidden and the extent of investments protected.
It is estimated that a quarter of all bitcoins have been lost because users have lost their bitcoin private keys. So, it is important to keep this safe.
So, some interesting facts, and perhaps some that you did not know. Bitcoins do not have a very long history, but they have quickly developed into a very useful and commercial currency. One that can be traded and used for purchases.