Bitcoin at $16,000: 6 lesser known things about world’s largest cryptocurrency

By: | Published: December 8, 2017 1:56 PM

With the unmatched rise in popularity of Bitcoin, we take a look at 6 lesser known facts about world’s largest cryptocurrency.

Bitcoin has taken only 24 days from ,000 to cross ,000. (Image: Reuters)

The price of Bitcoin rallied again on Thursday and this time, it is nearing $20,000 mark. World’s largest cryptocurrency has emerged as the biggest multiplier of wealth since last one year, having a yearly return of more than 2,000%. Yesterday night, Bitcoin made an all-time high of $18,464 at around 10 pm (IST), according to the data available at Coinbase. Since the beginning of November, Bitcoin is making and breaking new record day after day. Over the course of last one month, Bitcoin prices have spiked from $7,000 to $18,000, now trading around $16,000. Bitcoin has taken only 24 days from $7,000 to cross $16,000 which implies an appreciation of over $9,000 or 130%. With the unmatched rise in popularity of Bitcoin, we take a look at 6 lesser known facts about world’s largest cryptocurrency.

Bitcoin market capitalisation

The total value of all the Bitcoins in circulation has reached $283 billion. “That makes its total value – sometimes dubbed its “market cap” – greater than that of Visa, and bigger than the market cap of BlackRock and Citigroup combined,” Reuters reported.

Price mismatch

Bitcoin is not a regulated cryptocurrency and the Reserve Bank of India has issued multiple warnings to refrain people from buying or investing in Bitcoin. Since Bitcoin trades are not centralised or regulated, there are huge price disparities between prices across different exchanges around the globe.

How many Bitcoins are there?

Around 21 million Bitcoins are available right now, according to a Reuters report. Interestingly, about 12.5 new Bitcoins are released into the system every 10 minutes through a process called “mining”.

You can also buy portions of Bitcoin

Currently, Bitcoin is priced around $16,000, if you want to invest in Bitcoin, it’s not an obligation that you should buy a whole one unit. Bitcoin has a smaller unit called Satoshi, which is named after the anonymous inventor of cryptocurrency, Satoshi Nakamoto. One Satoshi is one-hundred-millionth of a bitcoin. According to a price of $16,000, one Satoshi equals $0.00016.

Bitcoin Futures soon

In a recent development, CME Group, CBOE and NASDAQ announced that they will be offering bitcoin futures. This will open up the possibility of shorting the cryptocurrency to the mainstream professional investment universe, Reuters said in a report.

How big is your Bitcoin wallet

There are 5,638,155 bitcoins in the 1,000 biggest wallets, Reuters said in a report. This is more than a third of all bitcoins in circulation which makes the 1,000 biggest wallet-holders worth a collective about $87 billion. This value keeps on changing with the movement in the price of Bitcoin.

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