But based on its recent boom - and a forecast by Snapchat's first investor, Jeremy Liew, that it would hit $500,000 by 2030 - and the prospect of grabbing a slice of the Bitcoin pie becomes far more attractive.īitcoin users expect 94% of all bitcoins to be released by 2024. Since its inception, Bitcoin has been rather volatile. The solution is mining pools, groups of miners who band together and are paid relative to their share of the work.Ĭurrent & future uses of blockchain technology & cryptocurrency But because so many miners have joined in the last few years, it remains difficult to mine loads.
Super powerful computers called Application Specific Integrated Circuit, or ASIC, were developed specifically to mine Bitcoins. In 2014, it would take approximately 98 years to mine just one, according to 99Bitcoins. In 2009, a miner could mine 200 Bitcoin in a matter of days. Thanks to Satoshi Nakamoto's designs, Bitcoin mining becomes more difficult as more miners join the fray. Miners also verify transactions and prevent fraud, so more miners equals faster, more reliable, and more secure transactions. Miners solve complex mathematical problems, and the reward is more Bitcoins generated and awarded to them. The downside here is that a hack or cyberattack could be a disaster because it could erase Bitcoin wallets with little hope of getting the value back.Īs for mining Bitcoins, the process requires electrical energy. This means Bitcoin will never experience inflation. Therefore, the total number of Bitcoins in circulation will approach 21 million but never actually reach that figure. At the moment, that reward is 12.5 Bitcoins.
He (or they) reached that figure by calculating that people would discover, or "mine," a certain number of blocks of transactions each day.Įvery four years, the number of Bitcoins released in relation to the previous cycle gets reduced by 50%, along with the reward to miners for discovering new blocks. Satoshi Nakamoto, the founder of Bitcoin, ensured that there would ever only be 21 million Bitcoins in existence. And that work comes in the form of mining.īut let's take a step back. Like any other form of money, it takes work to produce them.
There are thousands of cryptocurrencies floating out on the market now, but Bitcoin is far and away the most popular.īitcoin, Litecoin, Ethereum, and other cryptocurrencies don't just fall out of the sky. There had been several iterations of cryptocurrency over the years, but Bitcoin truly thrust cryptocurrencies forward in the late 2000s.
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Blockchain tech offers a way to securely and efficiently create a tamper-proof log of sensitive activity (anything from international money transfers to shareholder records).īlockchain's conceptual framework and underlying code is useful for a variety of financial processes because of the potential it has to give companies a secure, digital alternative to banking processes that are typically bureaucratic, time-consuming, paper-heavy, and expensive.Ĭryptocurrencies are essentially just digital money, digital tools of exchange that use cryptography and the aforementioned blockchain technology to facilitate secure and anonymous transactions. Think of it as a kind of highly encrypted and verified shared Google Document, in which each entry in the sheet depends on a logical relationship to all its predecessors. Essentially, it's a shared database populated with entries that must be confirmed and encrypted. Blockchain tech is actually rather easy to understand at its core.
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