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Some of the Most Asked Questions Pertaining to Bitcoin

Bitcoin traders have by now become effectively accustomed to the extreme price volatility associated with it. However, their joy knew no bounds when they witnessed a price jump of approximately 30 percent this year in January. It has also become one of the best years for Bitcoin ever since 2013. But, the traders also got another shock when the Bitcoin price yet again plunged to as low as $3,850 at the beginning of March from approximately $10,200. Now, once again, volatility has made a comeback but positively. Prices have climbed and excitement is coming back. Bitcoin price again almost doubled in April since falling in the month of March. There was a rebound of 7.8 percent on Monday, and by Tuesday, the prices went up again by 4.25 percent in 2020. Given below are some of the most googled questions to date:

Who takes Bitcoin?

Now the world’s leading retailers have started accepting payment of cryptocurrency in Bitcoin, ethereum, and Bitcoin cash. According to a recent survey, 36 percent of SMEs in the USA accept Bitcoin. Some of the most renowned companies that accept BTC may include Wikipedia, Microsoft, Expedia, AT&T, Burger King, KFC, Overstock, Playboy, Subway, Twitch, Virgin Galactic, Norwegian Air, Miami Dolphins, Gyft, Flexa, Cheap Air, 4Chan, Amazon (indirectly), ExpressVPN, etc.

Is it safe to use Bitcoin?

When Bitcoin was used and stored in the right manner, it proved to be a trustworthy financial investment. It is also applicable to storing value, peer to peer money transfer, and accessibility. You should be ready to shoulder the responsibility of protecting your funds.

Is Bitcoin legal?

As of February this year, Bitcoin is considered to be legal in the USA, Japan, the UK, Canada, and in many other developed nations. However, in developing economies, the legal status of BTC continues to vary. China has ordered restrictions on BTC but does not criminalize its holding. India has not permitted banks to deal with BTC.

How many Bitcoin millionaires are there in the world?

As of Aug 2019, there are presently 17,971 Bitcoin millionaires in the world.  

Who owns most Bitcoin in the world?

According to data available as of January 2020, the organization or individual who secures maximum Bitcoins is Satoshi Nakamoto, who also happens to be the creator of Bitcoin protocol. He reportedly owns 1.1 million BTC or over 6 percent of all BTC created to date.

How many Bitcoins are left to be found?

The Bitcoin mining has been limited to 21 million, and till now, around 17 million BTCs have reportedly been produced. It is approximately 80 percent of the entire supply.

Is it hard to sell Bitcoin?

If you are planning to sell your BTC online, you can do so either through an exchange, direct trading, or opt for peer to peer transactions. When you decide to sell your cryptocurrency, the exchanges function as an intermediary that has both buyers’ and sellers’ funds.

How do I transfer Bitcoin to my bank account?

You cannot transfer Bitcoin directly into your bank account. You may either have to sell them to someone who can then transfer the money to your respective bank account, or you may sell them at an exchange and withdraw funds from there.  

At what price did Bitcoin start?

In the beginning, Bitcoin traded next to nothing. The first actual price rise occurred in July 2010 when BTC surged from approximately $0.0008 to $0.08 for a single coin.

Conclusion

Bitcoin has left many individuals intrigued by its crashes and rallies over the years. The price of BTC hit its peak of approximately $20,000/BTC towards the end of 2017. The digital currency has also successfully beaten the coronavirus blues and expected to surge yet another high

By David Krout

David Krout began writing the trading summary overview for the Bitcoincode.review recently. He thinks guiding new traders will help them to start a significant trading journey. In addition to this, David likes to write short write-ups and stories.

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