Bitcoin has become a new rage. We have been hearing a lot about Bitcoin over the last few months. It is recognized as a decentralized digital currency which has continued to climb up the ladder. In the last month, it crossed the $10,000 mark for the first time. The investors are becoming crazy for buying Bitcoin, while some are cautious. So, let us talk about ten things you must know about Bitcoin
1. Bitcoin is a cryptocurrency or a form of a digital money which uses encryption to protect the transactions and manage the making of new units. It is not controlled by governments or business and you can trade internationally with incurring no cost and without even revealing yourself.
2. Bitcoin in not a coin in your purse, rather it is a numbered code just like the ones used in computer programming. Though they can be exchanged for some goods and services.
3. Bitcoin started in 2008. The name of its creator (pseudonym) is Satoshi Nakamoto. The proof of Bitcoin was published in 2009.
4. The first transaction of bitcoin happened on May 22, 2010. A programmer called as Laszlo Hanyecz revealed that he has successfully traded 10,000 bitcoins for pizza. As in November’17, 10,000 bitcoins mean about $99 million.
5. People are already using the bitcoins to buy things. Some large businesses to accept the cryptocurrency are Overstock.com, Expedia, Newegg and Dish.
6. Some time back, even the U.S. government was one of the largest holders of bitcoin. As per the business new India, in 2013, when FBI had shut down Silk Road, which was a darknet site, it took over bitcoin wallets which was controlled by the site. It held about 144,000 bitcoins.
7. In the year 2014, Bitcoin ached a distressing loss. This loss was due to the alleged hacking of Mt. Gox, which is a Japanese exchange. This incidence led to the $460 million (2014 value) of the stolen currency. It was the largest theft of the bitcoins which created worries. The people then began thinking if the currency is safe or not.
8. Want to know what Warren Buffet thinks of Bitcoin? He is the most successful investor in the world, but is not very positive about Bitcoin. He went on to the extent of saying, "Stay away from it. It's a mirage, basically, the idea that it has some huge intrinsic value is a joke in my view." Another billionaire investor, and a chief executive of JPMorgan Chase, Jamie Dimon,said, “You can’t have a business where people are going to invent a currency out of thin air. It won’t end well … someone is going to get killed and then the government is going to come down on it.”
9. Personalities like Cameron, Tyler Winklevoss, Gwyneth Paltrow, Ashton Kutcher, Nas, Floyd Mayweather,and Richard Branson are quite optimisticabout it.
10. India business news confirms Bitcoin's value today is more than $10,000 per unit. There are 16.7 million units of Bitcoin in circulation, and its market capitalization is $167,156,585,840. This is higher than Disney, McDonald's, IBM, and GE.