The Art of Mastering Currencies

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Top Facts Worth Knowing About Blockchain Technology

You will learn that you are not the only one who has been confused by the bitcoin cryptocurrency. The popularity of cryptocurrency has actually increased in the past few years. You will however find it hard to keep up with the ever evolving technology. This is particularly if you are not so conversant with technology. As you read more, you will be able to understand some of the facts about both block-chain and bitcoin.

You will learn that the initial bitcoin was actually meant for pizza. This initial transaction aimed at purchasing two pizzas. This took place in the year 2010. These pizzas were actually bought on the 22nd of May. This day is usually remembered as the Bitcoin Pizza day. You willlearn that these pizzas were priced at about 10000 bitcoins as at that moment. Upon conversion, this was around 40 dollars. You will however learn that after a period of about 8 years, the value of these bitcoins has escalated to over 150.7 million dollars. It is also important to indicate that there is no solid information as to who controls bitcoin. There is actually no body that has absolute authority over this form of currency. Regulations will actually differ from a given country to another.

It is important for you to keep in mind the fact that there was a man that sustained a loss of about sixty seven thousand dollars. This took pace as he tried to upgrade his computer. He is said to have thrown away a hard drive on which his bitcoin wallet had been installed. He however had to retrieve it after realizing his mistake. You will learn that bitcoin is absolutely transparent. There is often no encryption on this data. You will realize that bitcoin is usually equated to stock. It is important to indicate that this means that there will be great volatility and arbitrary changes. You will therefore have to keep checking the price changes. You will learn that bitcoin will in most cases be created through the process of mining. This process will often be pillared on the verification of transaction before they can be included in the blockchain. There will then be the creation of a mathematical puzzle. Bitcoins will then be given once a computer solves it.

The network that drives the bitcoin mining process is quite powerful. This power will in most cases be equated to the power produced by a combination of 500 supercomputers. You will learn that no refund is present. You will therefore need to be quite careful. It is necessary to indicate that Thailand banned the use of bitcoin as well as other cryptocurrencies in 2013. This was however reversed in 2018.

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