Bitcoin Etymological Facts And How to Make Money with Bitcoin
In this article, which is titled; Bitcoin Etymological Facts And How to Make Money with Bitcoin, we shall discuss some facts about the origin and history of bitcoin and how to make money with bitcoin.
BITCOIN ETYMOLOGICAL FACTS
1. The Bitcoin whitepaper was released on 31 October 2008 by an anonymous person or group that goes by the pseudonym ‘Satoshi Nakamoto’.
2. On 3 January 2009, the Bitcoin network came into existence and was published. Its creator, Satoshi, “mined” the first block, also known as the genesis block.
3. To this day, no one knows who SatoshiNakamoto is.
4. Satoshi stayed active within the community until 23 April 2011, signing off in an email to another developer. His famous last words in the email were “I’ve moved on to other things. It’s in good hands with Gavin and everyone.”
5. It is believed the creator of Bitcoin owns ~1 million Bitcoin across various wallets, but there is no way to know this for a fact. Many of the early mined Bitcoin are distributed over thousands of different wallets, however, the reason we assume these belong to Satoshi is because none of these wallets have any outgoing Bitcoin.
6. Bitcoin was initially launched as a Peer-to-Peer Electronic Cash System as an alternative to traditional banks in a direct response to the 2008/09 economic crisis.
7. The #Bitcoinnetwork has been functional for 99.9851% of the time since its inception on 3 Jan 2009, 2:54:25 GMT.
8. There will only ever be 21 million Bitcoin. This is assured by un-rewritable code.
9. You can buy a fraction of Bitcoin.
10. Bitcoin can be divided down to 8 decimal places, making 0.00000001 BTC the smallest account
11. The smallest unit of account for Bitcoin is known as ‘a Satoshi’ or ‘SAT’.
12. Bitcoin is open-source, meaning anybody can contribute to its development or mining.
13. The Bitcoin #blockchain has never been hacked.
14. It is not possible to ban Bitcoin or stop the Bitcoin network. Restrictions may come from banks and governments, but anyone with access to the internet can use Bitcoin.
15. Bitcoin is completely decentralized and does not have any formal leadership or organization behind it, just a global community of staunch believers.
16. Bitcoin is commonly mistaken for being ‘anonymous’. Rather it is ‘pseudonymous’. In many cases, personal identities may be linked to publicly viewable Bitcoin addresses through behavioral analysis.
17. Bitcoin is not created out of thin air. They are created from a process known as “mining”.
18. Through “mining”, the Bitcoin network creates something known as ‘blocks’ every ten minutes or so, which processes all transactions on the network simultaneously.
19. Each block that is processed is added to a chain of previous transactions. Hence, the term “Blockchain”.
20. The groups of people who process the network are known as “miners”.
21. Miners run tens of thousands of computers around the world to process the Bitcoin network together. These computers are known as “nodes”.
22. The #nodes collectively decide what transactions on the Bitcoin network are valid and which are not. Through algorithms, they determine what the proper block is, and post it together. This is known as “consensus”, which all nodes must fall into together to receive any reward.
23. To compensate for their efforts and expenses to run the nodes, miners are rewarded a certain amount of Bitcoin whenever a block is mined, known as a block reward.
24. Each reward miners receive is in Bitcoin.
25. Bitcoin only comes into existence through mining.
26. The amount of Bitcoin rewarded per block is cut in half every 210,000 blocks, which happens roughly every four years. This event is known as the halving or halvening. The number will keep halving until the number becomes zero and the 21 million Bitcoin are mined.
27. At the start of Bitcoin in 2010, the block reward was 50 Bitcoin per block. After two halvings, it is currently 12.5 and will reduce to 6.25 some point mid-May 2020.
28. The last Bitcoin is expected to be mined in the year 2140.
29. Once all 21 million Bitcoin are mined, no more Bitcoin will ever exist.
30. After this, Miners are expected to compensate themselves by collecting transaction fees for processing the Bitcoin network, rather than through block rewards.
31. On 22 May 2010, #Laszlo #Hanyecz paid 10,000 Bitcoin for two pizzas to be delivered to his house. This is the first known commercial transaction involving Bitcoin.
32. 22 May 2010 is also known as Bitcoin Pizza Day by cryptocurrency enthusiasts around the world.
33. The 10,000 Bitcoin were worth roughly $41 on 22 May 2010, used to pay for a $25 pizza.
34. As of this writing, these 10,000 Bitcoin would be worth $90,000,000 with Bitcoin’s price at roughly $9,000.
Bitcoin Etymological Facts And How to Make Money with Bitcoin
35. The largest Bitcoin wallet holds 255,502 Bitcoin, with an estimated value of $2.2 billion US dollars, belonging to Huobi Exchange.
36. Due to the deflationary nature of Bitcoin and other intrinsic characteristics, many believe Bitcoin is the hardest form of money in the world.
37. More than 4 million Bitcoin are estimated to be permanently ‘lost’, meaning they are locked in a wallet that nobody can or will ever have access to again.
38. At the time of writing, there are 30,490,740 unique Bitcoin addresses. The majority of Bitcoin users have more than one address, so it is hard to estimate how many unique users use Bitcoin.
39. Many users also store their Bitcoin on exchanges, such as #Huobi, #Binance, referenced earlier. Millions of Bitcoin users aggregate their holdings in such wallets.
40. There are copies of Bitcoin, known as “forks”.
41. The process of creating a new fork is called “forking”. This attempts to create a new chain of Bitcoin.
42. There are over 100 forks of Bitcoin, none of which are remotely as successful as the main Bitcoin.
43. The main Bitcoin, known as “Bitcoin Core,” has far and away the largest market cap, most users, and highest levels of adoption.
44. Bitcoin Core’s ticker symbol is #BTC, although sometimes it is referenced as XBT.
45. The Bitcoin whitepaper was recently described as “poetry” by Jack Dorsey, the CEO of Twitter.
46. In reference to Bitcoin, Jack said: “I think the Bitcoin whitepaper is one of the most seminal works of computer science in the last 20 or 30 years.”
47. In early May 2020, legendary billionaire investor Paul Tudor Jones said his funds would be deploying a single-digit allocation to Bitcoin exposure through Bitcoin futures trading on the CME.
48. Paul Tudor Jones believes Bitcoin may be the best hedge against inflation in the age of coronavirus for investors.
49. Jones says that an investment in Bitcoin reminds him of “gold in the 1970s.”
Bitcoin Etymological Facts And How to Make Money with Bitcoin
How to Make Money with Bitcoin
Most people who first hear about Bitcoin usually want to know how to make money with bitcoin. While bitcoin is a digital currency as well as a store of value asset, it also enables individuals to make money with it.
1. Buy And Hold;
Arguably the most popular way to (potentially) make money with bitcoin is to buy and hold (or HODL) it.
“HODLing” means buying bitcoin and holding onto it for the long term. But why would you want to do that? Well, bitcoin has been built in a way that the value of the digital currency will increase over time as more and more people and businesses adopt the digital currency because the increasing demand is met with a finite supply. As a result, bitcoin is poised to increase in value over time. At least, that is what has happened since the cryptocurrency’s inception.
Though there’s no guarantee that bitcoin’s price will continue to go up, especially in the short term, hodling bitcoin in the long term in spite of the price changes probably makes sense.
Buying and hodling bitcoin can be done in a few ways. However, the easiest way is to buy some bitcoin on an exchange like Binance, Coinbase, or Kraken or through a bitcoin-only broker. Then, you store your coins safely in a personal wallet to which only you hold the private keys. After buying bitcoin, you can then hold on to it and wait for its price to go up.
2.Trading Bitcoin;
Bitcoin trading is the process of buying and selling bitcoins in the crypto market.
What you need to do to trade bitcoin is to find a reputable bitcoin broker or exchange, deposit some money into your account, and start trading. However, there are a few things you need to know before you start trading bitcoin. First, you need to understand the basics of how the market works. Second, you need to know how to trade. Thirdly, you need a trading strategy and basic risk management controls in place to ensure that you maximize your chances of making steady trading revenues.
If you don’t know what you’re doing in terms of participating in trading, then you will be running the risk of losing your money. Therefore, before you start trading in bitcoin, you must first do some research and be aware of the potential risks related to bitcoin trading.
3.Bitcoin Lending;
Bitcoin lending is another way to make money with bitcoin, allowing you to earn interest on your bitcoin holdings.
Though interest rates can vary from platform to platform, they are typically higher than traditional lending platforms.
To get started on bitcoin lending, you will need to create an account on a lending platform. Once you have created an account, you will need to buy or deposit your bitcoin into the platform. After your bitcoin is deposited, you will be able to start lending it out and earning interest on it.
The amount of interest you earn will depend on the platform you are using and the terms of the loan.
Once the loan period is up, you will receive your bitcoin back plus the interest earned. You can then withdraw your earnings or reinvest them into another loan to continue earning more interest. However, some platforms also pay the interest out regularly.
Lending platforms usually have a minimum amount that you can deposit and lend out. This minimum varies from platform to platform.
4.Mining Bitcoin;
Mining bitcoin is another way to potentially make money with bitcoin.
You can either choose to mine bitcoin on your own or by joining a mining pool. If you want to mine on your own, you can do so in the hope you will win the solo mining lottery and collect the block reward. The chances of that happening, however, are very slim. Therefore, most miners join mining pools.
Mining pools are a great way to increase your chances of success, as they allow you to pool resources with other miners and increase your chances of finding a block. There are many different mining pools available, so be sure to do some research before joining one. Some of the most popular bitcoin mining pools include Binance, Slushpool, and F2Pool.
Once you’ve joined a mining pool, you’ll need to run special software to start mining. This software will connect you to the pool and start working on solving blocks. When you find a block, you’ll earn a portion of the block reward
5.Working in Bitcoin;
Arguably, one of the easiest ways to make money with bitcoin is to find a job that pays in bitcoin.
There are several companies that now allow employees to be paid in bitcoin, and more and more businesses are starting to accept bitcoin as payment for goods and services. If you’re looking for a job that pays in bitcoin, check out sites like BitcoinerJobs.
The different ways to make money with bitcoin are always evolving, with new methods popping up all the time. While some methods may become less profitable, others are arguably worth trying. In addition to investing in bitcoin, working in the Bitcoin industry is probably the best way to make money with bitcoin as you can earn the cryptocurrency for the type of work you would be doing even if you wouldn’t be working in Bitcoin.
If working in Bitcoin is not a path you want to go down, however, you can always try out any of the methods listed in this article to increase the size of your bitcoin stack.
SEE ALSO : HOW TO MAKE MONEY IN CRYPTOCURRENCY MARKET
Hope this post on Bitcoin Etymological Facts And How to Make Money with Bitcoin helps?