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price of bitcoin moves so fast these days, that no sooner is a new analysis of the sometimes controversial, often entertaining digital currency published, we have to tear the arguments down and rehash the theory to justify the latest surge in price.
Just recently, we have seen the price of 1 bitcoin sprint past the $10,000 dollar mark, after a significant drop caused by the latest “hard fork”. A Hard fork is an attempt to speed up the processing of bitcoin transactions by increasing blocksizes, the latest being nicknamed “SegWit”, short for Segregated Witness, a suggested upgrade that divided the bitcoin community and caused the upward trend of bitcoin’s price to be drastically reversed.
But not for long! A few days after its second hard fork, at the beginning of this week, bitcoin’s price was hitting new all-time highs. First it went past the psychologically impressive $10,000 dollar barrier, and barely 24 hours later it burst past £11,000.
In truth, there are probably very few people around the world who can explain or predict with any certainty where the price of bitcoin will end up, whether the currency will one day compete on a level playing field against fiat countries, and whether it will be eventually accepted by those outside the tech bubble.
One of those people could be billionaire techpreneur Elon Musk, who was forced to take to Twitter yesterday to deny that he was, in fact, Satoshi Nakamoto, the mythical designer and creator of bitcoin, who has never been identified.
That’s why we can be grateful for a fun infographic from the team at Bitcoinplay.net; “62 Insane Facts About Bitcoin”, handily updated to October 2017.
Whilst we would warn against using the infographic an analysis tool for deciphering future bitcoin price trends, it does reveal some enlightening and unexpected truths about the digital currency.
Did you know, for example that the FBI owns 1.5% of all the world’s bitcoins? Or that bitcoin’s 21 million limit (it’s complex, but for mathematical and technical reasons we can never have more than 21 million bitcoins in circulation – although we can deal in fractions) will be reached by 2140?
Or that bitcoin is a legal payment method in Japan, and can be used to pay tax bills in Switzerland?
Or even that a purchase of $100 dollar’s worth of bitcoin in 2010 would now be worth $6 million dollars.
Feeling sick (or confused) yet? Without further ado, we present the rest of Bitcoin Play’s comprehensive infographic guide to bitcoin.