There are a lot of articles on the internet that will narrate to you precisely how bitcoin works but to be honest, most people would be just fine without knowing it. Bitcoin is a cryptocurrency invented in 2008 by an unknown person or group of people using the name Satoshi Nakamoto. But the knowledge that you must have is it’s investing opportunities, oh boy we have a lot to unfold here. Let’s first talk about the projected future of bitcoin.
On 8th January 2021 Bitcoin attained a record-breaking value of forty thousand dollars. As you can imagine it made numerous headlines and everyone wanted to invest in bitcoin. But, a week later the value started to fall which led to a lot of people to believe that you could lose it all.
This might be true as the same happened in early 2018 when the bitcoin value reached up north of $20,000 and within days it fell to the range of $3,000 – $6,000.
Bitcoin Projections In The Next 5 Years
According to the experts, bitcoin could be worth upwards of $400,000 in the next 5 years and most likely will be worth more than $1 Million in this decade alone. A major tesla investor has gone as far as predicting that Bitcoin will have a market cap of over $1 Trillion in the upcoming decade. So, in reality, it’s riskier to not have a bitcoin than having it. To sum it up, having a Bitcoin in your blockchain wallet is a no-brainer but how do you acquire one? Yes, there are more ways to acquire a bitcoin than just to go ahead and buy it.
How do You Get a Bitcoin?
You can instantly buy a bitcoin online or Mine it with your computer. For the uninitiated, mining bitcoin is solving problems on the blockchain which controls the transactions of bitcoins, and in return, you are rewarded with a percentage of bitcoin, and this process requires a lot of computing power as the more bitcoin you mine the harder it is to extract. There are only a limited number of bitcoins available on Earth, 21 million to be exact out of which 18 million have already been extracted. Fun fact, the last bitcoin is said to be mined in the year, 2145. There’s a lot of things you should be knowing about mining bitcoin-like how powerful a processor you require to mine and how much electricity it would cost you to mine it.
What if Blockchain Was Hacked?
One thing that might’ve crossed your mind is what would happen if blockchain is hit by a malicious attack by hackers? So, just to put things in perspective, for extra protection, you should keep your bitcoins in blockchain but, be sure you don’t forget your password because if you do, there is no way to recover it. Recently, it was reported that an early investor in bitcoin, Stefan Thomas owned around 7000 Bitcoins, which is worth around $245 Million today but isn’t able to access it because he forgot the password to his hard drive which stored all the bitcoins. Also, about 20% of all bitcoins that are ever mined are lost or stranded in the locker.
Last Updated on 01/17/2021 by Emmanuel Motelin