The concept of Bitcoin was first born in 2008 and was first proposed by Satoshi Nakamoto, so he is also known as the “father of Bitcoin.” According to Satoshi Nakamoto’s design ideas, Bitcoin is essentially an encrypted currency in digital form, which can only be circulated on the Internet and can be used for related transactions or exchange with people for the actual currency of equivalent value.
So how did Bitcoin come about? How much is a Bitcoin worth?
Unlike the currencies of all countries, Bitcoin is not issued by an institution and is not regulated by relevant rules. It comes from a large number of calculations and produces different results through specific algorithms. In short, Bitcoin is a problem with various solutions. As long as one of the solutions is calculated, Bitcoin can be obtained. This means that everyone can participate in the creation of Bitcoin, and it can be circulated the world and can be traded on any computer connected to the network. More importantly, Bitcoin transactions will not expose users’ personal information, and no one knows who the person is trading with, which can effectively prevent privacy leakage.
As for how much Bitcoin is worth, according to the latest market conditions, one Bitcoin has risen to $20,000. In other words, as long as you own a Bitcoin, you can exchange it with others for $20,000 or even higher. Because Bitcoin is a scarce currency, its total amount is limited and naturally more precious. However, it should be noted that the value of Bitcoin is not fixed. It is like a stock from high and low. No one can predict the next direction. To give a simple example, in 2017, the price of a Bitcoin reached 19,850 US dollars, but in 2019 it fell back to around 5000 US dollars.
However, as far as the current trend is concerned, the price of Bitcoin has stabilized above US$17,000. It is not difficult to see that the value of Bitcoin is indeed very high. If you own a few hundred Bitcoins, it is equivalent to a millionaire, which is undoubtedly very attractive to ordinary people.
How long does it take to mine 1 Bitcoin?
Because of the following reasons, many people have joined the “mining” army, hoping to dig a few bitcoins and realize the dream of “getting rich overnight”. The so-called “mining” refers to the use of computers to solve a complex mathematical problem to ensure the consistency of the Bitcoin network, and then part of the Bitcoin will be generated to reward users who find the answer. As users give more and more answers, the Bitcoin network will adjust the difficulty of the question and reduce the number of rewards. In other words, Bitcoin may be easy to mine when it was first born, but the longer it takes, the more difficult it is to obtain it.
So if you use a home desktop computer for “mining”, how long can you mine one? There is no accurate answer to this question because people who “mining” now use professional “mining machines”, and no one will use home desktop computers to mine Bitcoin. The biggest difference between a home desktop and a “mining machine” is computing power. The high-powered “mining machine” is equipped with dozens or even hundreds of graphics cards, and its computing power is tens of thousands of times that of a family desktop! But despite this, “mining machines” cannot guarantee that bitcoins will be mined, so the difficulty of “mining” with home desktops can be imagined.
Someone once calculated that if a home desktop computer can maintain a high load for continuous “mining” 24 hours a day, then about 0.0018 bitcoins can be mined every day, and it takes about two years to mine one. This proves that it is unrealistic to “mine” with a home desktop computer. Earning $20,000 in two years may seem good, but the combined costs are not worthwhile. Moreover, no desktop computer can run continuously at high load for two years.
If something goes wrong, all efforts will be in vain. Therefore, Bitcoin is still far away from ordinary people. It is difficult to see it in normal times, and we don’t need it. There is no need to think about “mining” every day. The bitcoin is indeed very attractive, but its value depends entirely on whether the user needs it. If no one is willing to buy Bitcoin, then its price is only imaginary and cannot be equated with real money. As the saying goes, scarcity is the most expensive. The reason why Bitcoin can be popular is that the quantity is scarce, which does not mean that its value is high.
Also Read: A British Programmer lost 8,000 Bitcoin with worth over $270 Million
