The first official Bitcoin purchase was for Papa John's Pizza in 2010. Laszlo Hanyecz paid 10,000 Bitcoin for two pizzas, worth $41 at the time.
Poor guy couldn't have thought it would be worth $40+ Million now
High School Kid Made $1 Million on Bitcoin
Formal education may make you a living but self-education might just make you a fortune
Experts say Bitcoin may be worth $500k - $1M within 10 - 15 years
If this is the case we're going up - way up
All you need for the process is a computer but the problem is the power.
To attain Bitcoin, miners use special software to solve math problems and are issued a certain number of bitcoins in exchange. This provides a smart way to issue the currency and also creates an incentive for more people to mine. Easy right?
But this takes A LOT of power. For small time players, it is simply not profitable enough. The cost of the power consumption makes it a difficult business to be in. Not to mention that the difficulty of mining Bitcoin is increasing constantly!
Speaking of electricity... As of July 2017, Bitcoin mining ranked 71st in the highest power usage worldwide. That's more than all of Iceland.
It was predicted in February 2017 that in 2018 80% of all Bitcoin will have been mined.
What happens when all 21 Million Bitcoin have been mined? Unless we see major changes to the original Bitcoin protocol then Bitcoin becomes even more valuable.
Wallets linked to the original coins, mined in the first days of it's existence, are all linked to the anonymous person, or group, called Satoshi Nakamoto.
These wallets hold roughly 1 Million Bitcoin.
***THAT'S OVER $4 BILLION! ***
There is a theory that these wallets, which hold 4.8% of all Bitcoin, could come back into circulation when there is no more to mine.
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