Earlier there was around 80 percent of the bitcoin which have been created. According to the report from Blockchain.info, the 17th millionth bitcoin is mined on Thursday. It is more than a year for the number of coins been topped 16 million.
As per anonymous creator of Bitcoin, Satoshi Nakamoto, the only 21 million bitcoins will ever exist.
Ansel Lindner a bitcoin investor and host of “Bitcoin & Markets’’ podcast say It’s an event that makes the market more aware of the scarcity of bitcoin. He forecast this year; bitcoin could surpass its record high of more than $19,000 hit in December.
Bitcoin is estimated at $8,900 midday on Thursday. It is nearly to 35 percent for this year. Basically, Cryptocurrency was created through an energy-intensive process in which miners utilize high computing power to resolve complex mathematical equations. The resulting product is known as Bitcoin. The amount is halved over time. As an outcome, the bitcoin producing method is slowing down. It can be varied with the number of miners take part.
In January 2009, the first bitcoin was mined. The blockchain.info data predicts that it took around 200 days to reach the first 1 million coins. The process for 17 million was taken for more than 500 days. In November 2016, the number of bitcoin is topping to 16 million. The other remaining 4 million coins weren’t expected to mine completely for another 122 years.
Different reviews on Bitcoin
Brandon Williams of Cryptocurrency trading firm Cosima Capital writes in an email that The 17 millionth bitcoin “serves as a timely reminder that despite bitcoin’s volatility the fundamentals have never been stronger!”
Further, he adds, “ Not only have there been improvements in scaling and lowering transaction fees but bitcoin is finite!” For the limited supply, Williams expects demand from institutional investors to increase which should send prices higher.
Future of Bitcoin
Bestowing to the generally agreed analysis by Sergio Demian Lerner, A significant number of bitcoins are also not in circulation. An estimated 980,000 coins, or 4.7 percent of all bitcoins that will ever exist, belong to Satoshi.
Well, It is quite interesting to know the total number of bitcoin mined in the process of trading. This predicts a bright future for Bitcoin and other cryptocurrencies in the upcoming days.
Share your review of the total number of Bitcoin through Twitter and Telegram.