bitcoin

Bitcoin 101: Bitcoin Facts Plus A Review On Bitcoin Up

bitcoin

Many consider this the dawn of cryptocurrencies but there also those who strongly believe that this is only the beginning. As much as there are already at an estimate of 42 million bitcoin wallets in the world today, people have begun to join and cash in on bitcoin as world events revealed how fiat currencies are vulnerable to economic shifts. 

When currencies dwindle in value and assets, the same, decentralized currencies are what stand in the gap to assure that your investments stay intact. That, and you’ll still profit from it at the end of the day. 

Want to know more about bitcoins and why the sudden bitcoin-boom this year? Here are a few facts you should be aware of regarding this pioneer cryptocurrency, along with details about the newest bitcoin investment tool— Bitcoin Up, and why it’s important to have an app like this

Bitcoin Facts You Should Know 

1. Satoshi Nakamoto 

This name is linked to Bitcoin as the proprietor of the cryptocurrency itself. But what some aren’t aware of is that this could very well be a pseudonym for a group of programers who worked together in the creation of Bitcoin. 

When Bitcoin was launched in 2009 and was announced to be open-source (freely available to users for modification, distribution, use, etc.), the pseudonym etched itself as legend. Everybody wanted to find out who Nakamoto was, or were, as assumed that he or she isn’t an individual. 

Soon after, one Dorian Nakamoto from California was wrongly tagged as the Bitcoin originator, only to be disapproved of by the person himself. 

But the real Nakamoto seemed to have vanished from the web. By 2011 up until now, there is little to no traceable evidence of where they’ve gone to. Only their legacy of this cryptocurrency exists to stand as evidence of their existence. 

On that note, many agree that Nakamoto’s decision to remain anonymous is the wisest choice to make so as to allow Bitcoin to be free of any “outsider” influence like politics, economics, centralization, etc.

2. There Is A Limit To Bitcoins 

By “limit”, we mean the actual number of bitcoins developed and disbursed. One of the major reasons why the bitcoin value is so significant is due to this factor. Its amount is limited, even on a global scale. 

Resources have revealed that there are only 21 million bitcoins in total. And that as of current, 16 million are already being used or are being circulated, leaving only 5 million as the remainder. Still, there isn’t a need to worry (although this should give you a sense of urgency to draw your hand in bitcoin investing and trading) because more are constantly mined day after day. 

What this may imply (and could be what’s causing investors to be on the alert) is that the possibility that it’s value will spike is extremely high. This is further expected when we pull in recent global catastrophic events into the mix. Moreover, bitcoin pricing is erratic. Since trading is available 24/7 and virtually never stops or closes, there’s no telling of when these “spikes” occur. 

Investment firms employ a string of people to simply monitor these fluctuations day in and day out. But if you’re a sole investor, an individual who is an enthusiast of cryptocurrencies and has joined the Bitcoin investment sphere because you understand its value, a constant monitor is next to impossible. 

3. One Of The Largest Bitcoin Wallets In The World 

Who does it belong to? None other than the Federal Bureau Of Investigation. That’s right. The FBI is the owner of one of the world’s most ginormous Bitcoin wallets. Word through the grapevine says that they have at least 1.5% of the total number of bitcoins globally. This alone should tell you that bitcoin buying and selling is definitely going to be worth your while, and your investment. 

4. Bitcoin User Privacy 

It’s a universal statement that the algorithm which runs the bitcoin transaction is secure. In fact, this is an understatement. We’ll enlighten you as to why. Bitcoin wallets (each owned by a single user) require unique private keys for access. What this implies is that nobody can open your bitcoin wallet unless you willingly provide them with your private key. 

Above all, bitcoin wallets don’t have records of location, name, and other such information. Traditional bank accounts have the account holder’s personal information. This isn’t so with bitcoin wallets. All of the input you’ll type in will be for you and you alone, and they aren’t published. The only identifying “mark” of a bitcoin user is a slew of alphanumeric symbols. 

5. Bitcoin Mining 

Bitcoin creation. Here’s how bitcoins are “made”. Mining is the technology that lets blockchain operations function. A network of nodes that interconnect are its foundation. Aside from “creating” bitcoins, mining is also what lets transactions transpire. 

The mining process employs coin miners. These miners’ responsibility is to basically be “auditors.” They verify each transaction that goes through in any part of the planet. This is a tactic that Nakamoto came up with in order to avoid fraudulent activities and “double-spending” (spending or using bitcoins more than once). 

It’s a very tedious type of job and few are up to it. Still, it invites investors to hire their own people and work as miners because miners are allotted rewards for their task in the form of crypto tokens. 

Our Take On Bitcoin Up 

Now that we’ve tackled some of the basics of bitcoins and bitcoin investing, we’ll be candid with you and mention that all that work of trading bitcoins when the market is volatile and when price changes can’t be predicted— these pose a problem if profitability is what you’re after. It’s a problem if you go through it on your own. And Bitcoin Up is the investment aid you’ll need to let the trading process be easier on your part. 

Bitcoin Up runs on an advanced AI software that has Natural Language Processing. It can oversee and understand BTC news and updates, and can read price shifts. Moreover, this app can accomplish these investment to-dos from morning until evening, nonstop. 

Since lone human beings cannot watch over bitcoin pricing fluctuations 24/7, here’s an AI-powered bot that can. Though it does not eliminate investment risks (What software can? And what investment is free of risk?), it will multiply your profits to a scale higher than any human mind can achieve.  

Nick
Nick is a Cloud Architect by profession. He loves to spend a lot of time testing and reviewing the latest gadgets and software. He likes all things tech and his passion for smartphones is only matched by his passion for Sci-Fi TV Series.