We all know Bitcoin, which is not a new terminology in the media. We have been hearing a lot about it in the recent past. The digital currency has soared at a more excellent pace, which can make and break the world’s economies, and it has done such things so far. Interestingly, you have to check more about the coin to know the cool features. Whether a veteran or a novice in the crypto world, many more things make all the difference. Bitcoin is the first crypto in the world that came in 2009 only to defy the issues like inflation and other problems coming from fiat currencies. People worried about these issues after the 2008 big bad recession and invented Bitcoin. It did serve the purpose in many ways, which is why it soared even during the times of Covid. Now, it would always be interesting to learn about some unique features of the coin. How about checking the top ten things about Bitcoin in the following paragraphs? For details, visit here the site Bitcoin Circuit. Now, let us begin:
1). Recession Brought Bitcoin
As said above, Bitcoin is the end product of the 2008 recession that changed the landscape of fiat currencies. The people behind Bitcoin are the ones who want to have a tangible solution against issues like recession or inflation due to fiat currencies. They then invented Bitcoin, a solution to the said issues. So, the recession brought Bitcoin, which is regarded as the first crypto in the world.
2). The Mystery man
The inventor always comes up in our discussion whenever we talk about Bitcoin. It was the baby of a man called Satoshi Nakamoto. It was a pseudonym that came as a denomination to the author of the white paper in 2008. Later, when Bitcoin came, the name disappeared; however, many people claimed to be Satoshi, but no one came close to the truth. Therefore, the identity remains a mystery for this man.
3). Secure Your Seatbelts
Bitcoin price is dramatic, and it changes at an incredible pace. Unfortunately, we see too manyups and downs of the ups and side digital currency. It is more volatile than the stock market, as seen in 2008, and it will remain volatile for a few more years, breaking all records of the traditional products.
4). Put your thinking cap
We see Bitcoin getting created when complex problems are solved, and they get the reward in this currency using technologies like Blockchain. It appears in the public ledger that can help record different BTC transactions. The mining process requires time and effort to learn with good computing power.
5). Limited supply creates scarcity
Bitcoin is limited to 21 M coins, which means you have a finite number of coins to mine. However, we have seen around 19 M coins are mined, and around 2 million coins remain to undergo the process. Perhaps this is why people feel that the finite supply of the coins has eventually boosted their Value with time.
6). Check your digital wallet
Bitcoin is entirely virtual, and you can store it digitally powered through programs known as wallets. These are secured with a password, and once you do it, there seems to be a dispute regarding transactions.
7). Save some and gain from Uncle Sam
As per IRS, BTC is not a currency but an asset; hence, you are liable to pay the tax once you gain it. Also, you must check the loss and gains whenever you invest in Bitcoin. Some short and long improvements while you are taxed, allowing you to lose some like the stock market.
8). Secure your password
Around 20 per cent of Bitcoin has gone astray in the web landscape. It cost about 140 B of USD, which is lost forever. So, please keep your password secure and do not lose it before losing huge money with Bitcoin.
9). Value is in your eyes
Unlike traditional products like bonds and stocks, Bitcoin fails to have any intrinsic value based on cash flow or corporate earnings. Nevertheless, the platforms, including Square and PayPal, have invested in Bitcoin and embarked on tangible solutions.
10). Growing demand
Many wealthy investors and companies are putting in their huge money in BTC. Therefore, it increases the currency demand, which will increase with the passing day.