Bitcoin has gained too much popularity due to digitalization. In a whitepaper published by Satoshi Nakamoto, the inventor of Bitcoin explained about the limits set on Bitcoin. 21 million Bitcoins is the limit for bitcoin mining. As per the recent data, 16 million bitcoins are yet to be mined out of 21 million.
Fluctuations – Bitcoin market
Bitcoin market has seen a lot of fluctuation in the past. The Bitcoin market has much potential is innovative but the technology is still young. Users mine Bitcoins. It requires specific hardware like ASIC or GPU and a Bitcoin wallet for successful mining.
Bitcoins have seen a sharp rise in the last 5 years. Though the currency went through several ups and downs in the same period but still has great value in the international market. Bitcoin is operational with the help of three major domains an address, a key and a ledger. An address is a public figure, which may contain characters.
An address is for sending or receiving money. While creating an account, several levels of verification are done. Yet, the identification of beneficiary is untraceable. Key is the private domain, which is essential to sign and complete the transaction. Ledger is public. Blockchain technology records every transaction.
Read about: What is Bitcoin Mining?
Statistics on Bitcoin
Talking about statistics, there are 5 million addresses with at least one Bitcoin and 1.8 million has only 0.1 Bitcoins. Thus, 90% of the account holders have very little money. There are various reasons for the same. Some users have lost their keys. Some of the users are not ready to invest more.
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There are also security concerns for some while others may have switched to new accounts. Coming to active accounts, there is very less percentage of users who actually invest in Bitcoins. The Address with maximum amount has 1,34,955 Bitcoins. Thus, digital currency in the form of Bitcoin is the future of the cashless economy.