3 things you definitely didn’t know about Bitcoin

Bitcoin is becoming a worldwide phenomenon and it is bringing other forms of cryptocurrency up with it. You would think with so much information around about it you would know more, however, there is very little that people actually understand about Bitcoin because all you usually hear is the jargon that no beginner would understand. Nobody wants jargon, because I know for a fact that most of the time, technical jargon actually puts you off wanting to know more about a product.

Many people prefer to hear simple terms instead of many intricate words that actually hinder your understanding instead of communicating it well. Bitcoin is the most well-known and appreciate forms of cryptocurrency around the world and people are just itching to know more, so, let’s give the people what they want, right? Let’s take a look at three Bitcoin facts that you definitely didn’t know about that will give you a more in-depth look at this weird, wild, and wonderful form of cryptocurrency that is taking the world by storm.

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1. Processing power

Unfortunately, Bitcoin is not as environmentally friendly as you would hope which is an incredibly large downfall of this seemingly great cryptocurrency. In fact, Bitcoin mining uses so much power that it actually adds up to about 1% of the entirety of power usage in the world and while that doesn’t seem like a lot when you really think about it, that is far too much. The process of mining Bitcoins is extremely expensive not only regarding equipment but also in regard to the massive amount of power usage.

It really isn’t environmentally friendly at all which is why many people actually prefer to avoid it.

2. Bitcoin isn’t accepted everywhere

Several countries all around the world accept Bitcoin, however, that doesn’t mean that all countries around the world accept Bitcoin, in fact, there are many that don’t. Countries such as Bolivia, Iceland, Bangladesh, and Ecuador have completely banned the use of Bitcoins in their country and you will be in big trouble if you are caught using them. Countries such as India, Thailand, and Iran, however, have warned their residents sufficiently of the negative effects and risk of Bitcoin but haven’t completely banned it.

Although it isn’t completely banned, it is not able to be used as a form of legal tender and doing so will result in trouble.

3. Limited amounts

Did you know that there are only a certain amount of Bitcoins able to be made? So, this technically makes it a limited currency. Only an amount of 21 million may be made and once they have all been mined, that is it, no more will be sent out.

This means that if you lose any Bitcoins or forget about them, they will essentially be sent into the crypto void never to be found again and people will have to rely on the limited amount still available. 17 million of these Bitcoins are already in circulation which means that 80 percent of the Bitcoins have already been mined.