After the launch of Bitcoin in 2008, there were several entries into the market; they were grouped to be called altcoins. The value of all these coins have surged over the years, and it was Bitcoin that held the top position always. It is undeniable that the pioneer did make an impression in the users, which made them steadfast by always having a few Bitcoins in store. They trust in the currency so much so that they keep investing in it even when the value goes down to unprecedented levels. But you must make sure that you make the right decisions when investing in Bitcoins, or any cryptocurrency since they are volatile.
The investments you make expecting a certain amount as return could end up in losses if you do it mindlessly. Keeping track of the value of Bitcoin and the market conditions is vital in earning some money out of the investments. Bitcoin is one asset that has witnessed a lot of rises and falls over the last decade. So, if you are new to the market, you need to have an idea about how the cryptocurrency industry works. Let us have a look at a few fascinating facts about Bitcoin.
1. Launch of Bitcoin
It was in 2008 that the first concepts of Bitcoin were launched. Satoshi Nakamoto was the person who developed the Bitcoin as a payment method based on mathematics. The name Satoshi Nakamoto remains a mystery to date, with several assumptions surrounding it. Some people believe it to be a group of developers, whereas many others consider the name to be of a math genius.
2. Volatility Is the Most Significant Feature
What most people might know about Bitcoin or altcoins is that they are volatile. The market conditions determine the value of the Bitcoin, which could change overnight; it could be for the best or the worst.
3. Structure of Bitcoin
Bitcoin is a form of currency that functions with a blockchain to store all the data regarding the transactions. The assets are built on a peer-to-peer, distributed network, making the related activities to be validated by the members in the mass collaboration. This group would include miners, investors, core developers, and merchants; they work to activate the system with their collective interests.
4. Currency or Commodity
People are still confused whether Bitcoin is a commodity or currency since they are said to be used for various purposes. Bitcoin can, indeed, be considered as both since it can be used to buy even a pizza and stored as an asset. Although it plays the role of currency this way, the IRS and SEC like to look onto it as a commodity.
5. Make Money from Mining
You are not limited to buying and selling of Bitcoin to make money. Try mining the coins to make a living, where you would only need to record the transactions and assign them to individual blocks using mathematical coding. Bitcoin graphics cards are also being sold by many people to make money apart from what they make from mining.