5 little-known facts about Bitcoin you need to know

Compared to the first couple of years since the advent of Bitcoin, now wanting more options for buying treasured coins. The only downside of the current situation is that the growth of popularity of Bitcoin increased and its price. And significantly, so the money for the purchase of coins in the previous volumes, you now need much more. By the way, former the relative inaccessibility of cryptocurrency is not the only surprise for those who are just starting out with Scripturally. Today we examine five not so obvious facts associated with BTC.

The contents

Is it possible to physically buy bitcoins?

One of the most common questions from beginners is whether to buy a real physical coin. Of course not. Bitcoins are digital and exist only in the form of rows of data in a distributed registry, which is also known as the blockchain.

However, in 2011, Mike Caldwell named Cassius launched the production of physical bitcoins, which were designed to connect the worlds of cryptocurrencies and collectible coins. In theory these coins can be of value to numismatists. By the way, in summer, one of them sold for 99 thousand dollars, while the coin value was 1 BTC.

The first crypto currency exchange was not dedicated to the cryptocurrency

Source: The New York Times

Many have heard about the infamous Bitcoin exchange Mt. Gox, which has sunk into Oblivion together with 850 thousands of client BTC. But far fewer people know that, originally, the exchange worked in a slightly different direction and it was called Magic: The Gathering Online eXchange, and where did the abbreviation. And she was really dedicated to the collectible playing cards.

Huge sums of bitcoins resell outside of the exchanges

We used to monitor the volume of trading bitcoins on specialized venues such as CoinMarketCap. And although even for these data there are many disputes, there is always another source of trading volumes to measure which is almost impossible.

Source: 2Биткоина

The so-called OTC or over-the-counter trade is a term used to describe the buy bitcoins directly. That is, two people make a direct exchange of cryptocurrencies for Fiat money and Vice versa. In practice, of course, this method eliminates intermediaries not completely — often the transaction involved an exchange or broker that they bring the buyers and sellers, and can also provide the services of insurance deal.

Read on: What is OTC trading and why is it needed?

Why would anyone mess with such a risk, if today bitcoin is quite simple to buy online? As a rule, OTC-trade-involved people who need to buy or sell a huge amount of BTC without affecting the market price of the asset. Well, or hide their financial activity from prying eyes.

Recently someone tried to buy 25 percent of all bitcoins

Speaking of OTC trading. Recently there was a story that perfectly illustrates the importance of this segment of the market. Kriptosistema firm Dadiani Syndicate was in all the headlines saying about the rich client who wants to buy a quarter of all BTC.

Source: Bitcoinist

At that time in circulation was already more than 17 million BTC, and the market value of 25 percent of the bitcoins or BTC 250 4 000 – would cost $ 34 billion. And although at the time the order was placed at a slightly lower price, the market managed to offer tens of billions of dollars. Of course, to execute the order was impossible, since nobody in the world can time to sell 4.25 million bitcoins. Rumor has it that even the Creator of Bitcoin Satoshi Nakamoto only have 1 million BTC.

Bitcoin to buy Fiat money

In fact, the purchase with Fiat currency for bitcoins — it’s more of just “selling” of cryptocurrency. The base currency remains FIATA currency, and so many people see Bitcoin as a trading tool, which can increase the capitals. However, if subsequently, Bitcoin will become a currency standard, it is legal to be called sale purchase bitcoins with Fiat currency. I hope it is just a matter of time.

Fiat currency seem surprisingly cheap, if you keep the account in bitcoins. Recently enthusiasts have even launched a new monitoring FiatMarketCap.comthat allows you to watch, how much are Fiat currency in cryptocurrency terms. Surprisingly, 1 of many traditional currencies can be bought for less than 10 Satoshi.

Satoshi — the smallest fraction of Bitcoin equal to 0.00000001 BTC.

Interface FiatMarketCap. Source: fiatmarketcap.com

The current rate of coins you can see in the class ranking cryptocurrencies, and in cryptodata beginners and professionals you will find lots of other useful information. Look!

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