What do you know about Bitcoin? Whatever the answer is, you are about to learn a whole lot more with our list of facts about Bitcoin!
Currently, cryptocurrency has an average ownership rate of 3.9%. Although this may seem low, this equates to more than 300 million people worldwide. In order to see this figure go up, mass adoption is essential.
To make this happen, it is critical that experts and enthusiasts in the niche speak out and spread knowledge and facts on the matter.
Knowing your facts when it comes to what you spend your time and money on is essential, and that’s why we have put together a list of 10 facts about Bitcoin and other cryptocurrencies you should know.
The 4 Components Of Bitcoin
Before we get into the facts about Bitcoin and other cryptocurrencies, let’s look at what foundation BTC is built on. Designed on four components, Bitcoin has created a secure and lucrative system.
Software
What is bitcoin? BTC is essentially software in the form of virtual currency that holds no real-life form. The digital ledger is stored online and controlled by no banks or governments. This ledger is known as the blockchain.
Cryptography
Cryptography is the very base of what Bitcoin is. It is used to practice secure transactions and storage of information. Cryptography allows cryptocurrency to implement protocols that prevent third-party involvement.
Hardware
For there to be BTCs, there need to be people mining it. Across the world, people have dedicated their time to mining Bitcoin, and to do so, huge amounts of hardware are being utilized.
Mining
This is the act of using computers to secure a complete Bitcoin through code work. Mining ensures all transactions are legit and correctly listed on the blockchain. Currently, a Bitcoin miner will receive 6.25 BTC per 1 successfully mined Bitcoin.
Will Cryptocurrency Replace Money?
Cryptocurrency holds the potential to gain the same, if not more, adaption as fiat funds, although currently, the biggest issue is the understanding of it from the general public and the way people choose to invest in it.
To improve its odds of mass adoption and answer the question ‘will cryptocurrency replace money, more people would need to become informed and enthused by it, and more importantly, people would need to invest to use the currency in a day to day manner, and not just for quick gains.
10 Quick Facts About Bitcoin And Other Altcoins
- Bitcoin’s value increased by nearly 613,100% between 2010 – 2021
- In total, there are 21 million Bitcoin created, and 3.7 million have been lost, leaving only 17.3 million to be accessed.
- It is estimated that 16% of Americans have invested in crypto at some stage. Out of that 16%, 74% are male crypto holders.
- Looking at per capita, Nigeria has the highest rate of cryptocurrency adoption.
- The First ever Bitcoin payment was for a pizza.
- The cryptocurrency market cap in August 2022 is $1.06 trillion.
- 65% of all cryptocurrency buyers own Bitcoin.
- Bitcoin (BTC), Ethereum (ETH), Tether (USDT), U.S. Dollar Coin (USDC), Binance Coin (BNB), Binance USD (BUSD), XRP (XRP), Cardano (ADA), Solana (SOL), and Dogecoin (DOGE) make up 88% of the market value.
- Universally, there are more than 18,000+ businesses accepting Bitcoin as payment.
- The number of people who own cryptocurrency per continent: North America 28 million, South America 24 million, Europe 38 million, Asia 160 million, and Oceania 1 million.
Get Started Building A Crypto Portfolio
Building a solid future in cryptocurrency is a possibility for all, with the option to build up your wealth at your own pace. To get started, pick a crypto exchange, and get set up. The options to choose from are lengthy, with top picks being: Robinhood Crypto, eToro, Binance, and Kraken.
Now that your crypto exchange is set up, you will need to make your move and buy Bitcoin or any other altcoin. Once purchased, your cryptocurrency will be stored in a crypto wallet. The top wallets are Coinbase, Ledger Nano S, Exodus Crypto Wallet, and Trust Wallet.
Ensure that the crypto exchange and wallet you choose cater to your preferred crypto selection. If you buy a top cryptocurrency, chances are all the top crypto apps will have what you are after.
It’s Best to Invest
A good way to keep growing your crypto portfolio is by keeping an eye on the news and what’s transpiring in the market. A good start would be taking on board all the facts mentioned above. Since first launching, cryptocurrency has expanded into more markets than one first imagined. From eCommerce to online gaming, crypto has become a talking point in all topics. Start your crypto journey and grow your wealth by making the right next move in your investment adventure.
