What are Bitcoins?

bitcoins

Bitcoin is a type of digital currency that is taking the world by storm. It’s often associated with dark and shady transactions for drugs and guns because of its innate privacy, but many people use the currency and it seems to be gaining acceptance. Here are a few things you should know about Bitcoins.

Number of Bitcoins

Bitcoins are created by processing an encryption and decoding the file. There are inherently a limited number of Bitcoins, and each one is harder to create than the last. There were only 50 Bitcoins in January, 2009. This is when the currency was created.

There are currently 11.3 million Bitcoins in circulation, and more are created every day. You can even make them at home if you have a powerful server.

Daily Transactions

Don’t think that Bitcoins are popular? The typical number of daily transactions is close to 50,000, with an average high of more than 70,000. Just like any other currency, the number changes on a daily basis.

This is a lot of transactions considering that this is a relatively small form of currency. It’s always used for online transactions, but it’s hard to track what is being bought and by whom.

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The current Bitcoin value is over $1700 per coin, but don’t trust this figure. The value is always changing. It went from $1600 at the start of the year to over $1900 in April. This is an incredibly volatile currency, which makes it currently unsuitable for investment, though some have invested in this currency by buying powerful servers to create more coins.

Countries

Where are Bitcoins used the most? It seems that English-speaking countries most commonly use this currency. Canada is on top, followed in order by Australian, the UK and then USA. These are also the countries where most of the coins are being created and the software is being downloaded.

It’s hard to say why these countries in particular are the largest users and producers, but it might be because they often have the money needed to get powerful hardware.

Bitcoin is an interesting currency. It completely ignores all governmental laws and allows for extreme privacy, but it’s also becoming more accepted by normal online businesses. The value is incredibly volatile, but that can work in your favor.

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