//BITCOINS AS WE KNOW IT

BITCOINS AS WE KNOW IT

For those of you who have jumped onto the Bitcoin caravan a little late and are confused with so much going on, here is a simple guide! We shall touch base with its concept, how bitcoins work and how it came into existence. And in between, there are a few fun facts, which I’m sure will amaze you.

Bitcoins has taken over the world with its obscure nature. Thousands are still trying to grasp what it really is. So much so there is a debate whether Bitcoins is a currency or commodity? Oh yes, in 2015 the Commodity Futures Trading Commission (CFTC) declared Bitcoins as commodity officially. Even the way they work, i.e. the block-chain methodology also seems like a very complex structure to understand.

I understand if you are now completely confused. So let’s proceed and clear out some basics about Bitcoins —

 

Bitcoins through the years


 

Fun facts on Bitcoins


 

 

bitcoins in circulation

Today there are 16.6 million bitcoins in circulation

total number of bitcoins

The theoretical total number of bitcoins is 21 million. Total spendable value is lower.

21 million bitcoins

21 million bitcoins are the maximum that can exist

bitcoins mined

16.7 million bitcoins are in use, 79.32% mined

litecoins

First official competitor of bitcoins – litecoins

 

 

 

 

 

 

 

 

bitcoin - Currency or commodity

Currency or commodity?

Bitcoin block mining

Bitcoin block mining halves every 210,000 blocks; the coin reward will decrease from 12.5 to 6.25 coins

bitcoins - market cap

Market cap: $108,747,442,155.00

Bitcoins generated per day

Bitcoins generated per day 1,800

Bitcoin - Approximate block generation time

Approximate block generation time – 10.00 minutes

 

 

 

 

 

 

 

 

bitcoin - Approximate blocks generated per day

Approximate blocks generated per day 144

First country to outlaw bitcoins

First country to outlaw bitcoins – Thailand

bitcoins became more valuable than gold

Since 2013, bitcoins became more valuable than gold

silk road drug cartel claimed bitcoins as their source of money transfer

Now defunct the silk road drug cartel claimed bitcoins as their source of money transfer – led to FBI seizing 1.5% of the world’s bitcoin

 

 

 

 

 

infographic-blockchain

2017-11-23T14:31:41+00:00 November 22nd, 2017|Brainy Bull|0 Comments

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