Bitcoin – Who are we?

bitcoin-225080_960_720I am a Bitcoin, we are fairly scarce. Currently, there are less than 11 Million of us, although almost 18 million of us have been mined with another 3 million still to be mined before the year 2140. There was supposed to be 21 Million Bitcoins in total but about 7 Million of my friends were lost in the early period between 2009 and 2011 when people could still mine us on their laptops and home computers.

Those friends of mine are lost forever, probably lying around on a few hard drives in some landfill somewhere. If you are lucky enough to own me and some of my friends, you are rather unique and I am sure you have noticed that our value fluctuates. Some people worry when the price fluctuates and they think we should always be more valuable every day. But don’t worry about price changes, we will always have value and my friends are noticing that some people are buying many of us.

They call this the accumulation phase in the history of Bitcoin, and we are becoming a little more scarce every 10 minutes as it becomes more difficult for the miners to find us. In May 2020, it will become twice as difficult for miners to find us and as we become more scarce our value will increase.

When you understand just how scarce Bitcoin is, then perhaps you too would like to accumulate some of us.

(This story about the Bitcoin is for illustrative purposes only and is not intended to be investment advice in any way).

About RichSimmondsZA

Retired but still Disruptive
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