- Bitcoin is a digital currency that is decentralized and based on blockchain technology.
- It is the first worldwide launched cryptocurrency that is actively in demand by the people.
- The Bitcoin price has decreased by 4.47% in the last 24 hours.
Bitcoin is a decentralized, blockchain-based cryptocurrency. It is actively used by users for the payment or exchange of goods and services. The crypto market, which contains many different types of cryptocurrencies, keeps fluctuating because of its dependence on the influence of the internet. Social media, including the meme world, has a great impact on the pricing of cryptocurrencies.
What is Bitcoin?
Bitcoin, a crypto coin, is a form of digital currency just like other cryptocurrencies. It is not controlled by any government, authority, bank, or financial institution. Hence, it is decentralized, unlike our physical currency. It was the first established cryptocurrency, a digital asset that can be exchanged. It was developed by an anonymous Satoshi Nakamoto as a ‘new electronic cash system’ in 2009. It is so completely decentralized that even Bitcoin owners are anonymous, with no details related to their accounts, names, social security numbers, or other identifying features.
There are currently 16 Million Bitcoins and the maximum limit of their existence is 21 Million. Just like diamond and gold mining, bitcoins are also mined to make more. The process of mining involves computers that solve extremely complex and challenging mathematical problems to make more bitcoins, which gets harder each time. Every time the problem gets solved, a new block of Bitcoin gets mined and processed to the Bitcoin address of the miner.
There are other ways of getting Bitcoins than mining, which is by accepting Bitcoins as payment for services and goods. Many websites give out bitcoins after completing certain tasks. Since it is a form of digital currency, it has some risks. There is no governing body and hence, it is more appealing to criminals. The lack of regulation makes it risky as well.
The Social Implications of Bitcoin Trends
The Bitcoin price has decreased by 4.47% in the last 24 hours. It is the world’s first cryptocurrency that is stored and exchanged securely on the internet through a public ledger. The smaller unit of Bitcoin is satoshis and each satoshi is equal to 0.00000001 Bitcoin.
In today’s time, the virtual world and the internet play an important role in deciding the final demand for any cryptocurrency in the market. Memes and the social media world are changing the cryptocurrency industry daily. The volatile and erratic nature of digital currencies sometimes makes the use of cryptocurrencies riskier and there can be any situation on the market in the future.
Conclusion
Bitcoin is the first worldwide launched cryptocurrency. It is free from the governance of any third party or intermediary as it is completely based on the public ledger, which is maintained by users of Bitcoin only. Social media and the internet have a great impact and influence on the pricing of cryptocurrencies, including Bitcoin. The decrease is continuously observed in the pricing of Bitcoin because of the lack of user interest in it. The future may bring different situations, as the crypto market is highly unpredictable.
