Bitcoin is an innovative payment network and Bitcoin wallet that can be used to buy goods or send money anywhere in the world. It is also referred to as the cryptocurrency or digital currency of choice for many users because it is not controlled by any central authority like traditional currencies such as the U.S. dollar or the Euro. These attributes make Bitcoin interesting from a marketing perspective, but they also make it highly susceptible to fads and trends that are occurring within the market.
To stay up-to-date on the latest Bitcoin news and trends, check out our list of six bizarre facts about Bitcoin below:
- Bitcoin is not a brand, company, or product.
Bitcoin is not a brand, company, or product. Bitcoin was created in 2009 by an unknown person or group of people under the name Satoshi Nakamoto. Bitcoins are not registered with any government or financial institution. Bitcoin is not subject to any taxation.
- In the future, Bitcoin payments could be as cheap as money gets.
Bitcoin is still in its early stages of development, and many questions still need to be answered about how it will work and what its future will be. However, there are some indications that Bitcoin payments could be as cheap as money gets in the future. For example, Crypto Genius and other reputable Bitcoin trading exchanges are making Bitcoin transactions as low as $0.10. This is in addition to their low cost of services.
- Bitcoin is completely decentralized.
Bitcoin is a digital currency that is not backed by any government or central bank. This means that there is no one person, company, or country that controls Bitcoin. Bitcoin is decentralized and can be used by anyone in the world.
- It is highly volatile and prone to crashes.
Bitcoin is highly volatile and prone to crashes. In the past, it has seen several massive drops in value, including from $1,000 to $0.50 in just a few hours! Bitcoin is also highly susceptible to scams and thefts, which can steal your money quickly and easily.
- The worth of one Bitcoin fluctuates wildly from day to day.
Bitcoin is not a traditional currency like the U.S. dollar or the Euro. It is instead a digital asset that uses cryptography to secure its transactions and to control the creation of new units. The worth of one Bitcoin can be greatly affected by news, events, or conditions in the market.
For example, in late 2017, Bitcoin prices started to plummet after China announced they were going to ban initial coin offerings (ICOs). This ban caused a lot of investors to pull their money out of the market and made it difficult for many people to access Bitcoin. Bitcoin also underwent a lot of volatility during the 2016 presidential election; at one point, it was up more than 30 percent in just a few hours!
- There’s no way to buy Bitcoin outright.
Bitcoin is a digital asset and not a currency. No government or bank can give you physical Bitcoin. It’s a payment system and not a store of value. Bitcoins are created as a result of cryptography, which is the process of creating secure code that can’t be guessed or broken. Bitcoin is often called the “cryptocurrency of the future” because it has the potential to replace traditional currency in many ways.
If you’re interested in Bitcoin, be prepared for it to go through some rough patches. But don’t worry, if you keep up with the latest news and events, you should be able to keep up with the trends and make some great profits along the way!