Monday, July 22, 2019

Fun facts about Bitcoin

Virtual currencies appeared a few years ago, being bitcoin the pioneer, and they came to revolutionize everything. Governments and central banks feared that these new digital currencies would upset traditional currencies and change the course of the monetary system: well, unlike traditional currencies, crypto are decentralized currencies. That is, they do not depend on any government or central bank. However, time has passed and both traditional and virtual currencies continue to live together: although it is true that crypto have increasingly gained more followers.

With the emergence of the new virtual currency Libra, created by the company Facebook, governments have the same doubts and fears again and are trying to stop it. However, as with the pioneer cryptocurrency, bitcoin, it is more than likely that Libra will take its course. Here are some curious bitcoin data, data that probably also identifies Libra in the very near future.

The number of existing bitcoins is fixed: but the last one is expected to take at least a century to undermine. That is, there is a specific number of bitcoin units that can be obtained with mining. A total of 21 million units of bitcoin, 17 million of which are already circulating.

Bitcoin electricity consumption accounts for 0.28% of the world total, especially for the mining behind this virtual currency. A very high amount of electricity that would be convenient to improve so that the necessary electricity was less.

Experts estimate that more than 12% of bitcoins are used for activities that are not legal: one of the reasons why governments show themselves against cryptos. Being decentralized and uncontrolled, they can be used for illegal activities, such as money laundering and drugs. Recently, it has been declared that the Pound, when launched by Facebook, could be controlled by the Treasury of the different countries that decide to accept this currency for their transactions.

The value of bitcoin has changed a lot. Although right now it does not go through its best moment and that throughout its history it has had great ups and downs, the price of the most successful virtual currency is much higher than when the currency appeared. In 2010 some could get free bitcoins: one of their bitcoins would now be worth 10,000 euros. The key to success? The currency made many promotions and gifts until it became known throughout the world and made a place in the Forex trading market.

The last aspect to highlight is just related to the Forex market. Bitcoin went from being an unknown currency to being one of the currencies with the most investments in the Forex market: specifically, in the USD-BTC pair. Soon, traders could see how bitcoin is replaced by Libra.