What Is Bitcoin and What Makes It So Special?

What Is Bitcoin and What Makes It So Special?

The Bitcoin network is a pure technology with a large network that has been created in a redundant way. This means that Bitcoin has a very, far-reaching implication, when judging from a technical standpoint, to remain here for a very long time irrespective of the disruption of quantum computers—if that should happen. Bitcoin is technically unstoppable, unrestricted, geographically dispersed, and most importantly, it's not under a government body.

Source: coingecko

Bitcoin has been ranked number one above other cryptocurrency assets, and will remain so in years to come. Beside that, when we are looking at the largest investable assets on the planet today, Bitcoin was ranking among the top 10 at a price of 1.3 trillion US dollars, with Gold leading as number 1. Although Bitcoin is no longer ranked among the top 10 due to its volatility, and has dropped to about 700 to 800 million US dollars, there is no doubt that it will definitely rise again.

Currently, there are about 18.9 million bitcoins being generated. In 2009 when bitcoin was invented, the value of bitcoin was zero.

Source: wikimedia

But as time went by, the number of bitcoins generated moved to 18.9 million leaving the number of bitcoin yet to be generated at 10%, which will proportionally have an effect on its scarcity over time. Take Gold for instance, when Gold was first mined, it was almost accessible to anyone, but as decades passed, and more gold was mined, the percentage of gold left to be mined went down, which directly increased its demand value. And now, it's scarce. In the same vein, bitcoin is seen to demonstrate such attributes, hence, it is called digital gold.