The digital currency Bitcoin has had a rather eventful history. Launched in 2009 to replace traditional money, its value has fluctuated wildly in its brief lifespan. The value of one Bitcoin recently hit a new all-time high of nearly $1,200 – making it the world’s most valuable cryptocurrency. But what if you know nothing about Bitcoin? Or even worse, what if you think you know everything about it?
Thankfully, there are plenty of resources that will make you understand this strange new technology from a new perspective. If you’re ready to explore the exciting world of Bitcoin from a whole new set of eyes, then check out our list of the most cringe-worthy facts about Bitcoin:
- Bitcoin is not run by a Central Bank.
A central bank does not control Bitcoin because it’s a digital currency and not physical money like the $1,000 bills you can hold in your hand. The value of Bitcoin changes based on the activity of its users, which is why it’s often worth more or less at any given moment.
- Bitcoin is not regulated by any Government.
Bitcoin is not regulated by any government. This is because Bitcoin is not a legal tender or a form of currency. Bitcoin is instead a digital currency that is created and traded on online exchanges like Bitcoin Profits. This means that there is no one person, company, or country that can regulate Bitcoin.
- Bitcoin Stocks Are a Way of Life for Many People.
Many people may not be aware of this, but Bitcoin stocks are a way of life for many people. Not only do they provide an opportunity to invest in a valuable asset that has seen some high-value fluctuations in the past few years, but they also give people the opportunity to speculate on the future of Bitcoin.
- We are at the Crossroads of Money and Technology.
Bitcoin is a digital currency that was originally designed as an alternative to traditional currency. It has been in the news a lot lately because of its increasing value and potential uses. But what people don’t realize is that Bitcoin is just one possible application of blockchain technology. Blockchain technology is a distributed database that allows for secure, tamper-proof transactions. It’s also used to create Stablecoins, which are digital currencies that use blockchain technology to maintain their value. So not only is Bitcoin important for its own sake, but it’s also relevant for the future of money and technology.
- If you own Bitcoin, you are guaranteed to be rich.
This is one of the most ridiculous things you could ever hear. It’s true, if you hold onto your Bitcoin – or any other digital currency – you are guaranteed to be wealthy. But this isn’t true at all. First of all, there’s the question of how rich people are. As of 2019, according to Forbes, the median net worth of Americans is $123,000. So even if you own a single Bitcoin – which is not true – you’re considered quite affluent.
Moreover, there are also risks associated with Bitcoin ownership. For example, if something goes wrong and the value of a Bitcoin falls below a certain level, you could lose all your money. This isn’t an attractive prospect for anyone looking to make big bucks quick.
- You can pay your utility bills with Bitcoin.
According to some reports, you can now pay your utility bills with Bitcoin. This is great news for people who are struggling to afford expensive bills. Not only will this save you money, but it will also help you stay safe online.
Bitcoin isn’t real as life and death. Some people might think that Bitcoin is a real currency, but the truth is, it’s not. Bitcoins are created through a process called mining, and they don’t exist in physical form. It is a virtual digital currency whose popularity is growing after every second. This form of currency is traded on exchanges to make a profit.