3rd January & Bitcoin: Tale of Connection Between The two
Blockchain

Bitcoin Insights: Should Bitcoin Be Given A Day To Appreciate Its Worth?

What importance does 3rd January holds in the history of bitcoin?

https://dk2dyle8k4h9a.cloudfront.net/Bitcoin Insights: Should Bitcoin Be Given A Day To Appreciate Its Worth?

Bitcoin needs no mention today. Being a type of cryptocurrency, this virtual currency has impressed every single investor with the worth it holds. From nothing to becoming the most valued virtual currency, bitcoin has traveled those extra miles to get everyone’s attention. To the investors, bitcoin has offered massive gains and continues to be an asset to them.

It’s all because of Satoshi Nakamoto that we know about this super impressive cryptocurrency. The pseudonym belongs to the man who discovered bitcoin. Bitcoin was implemented with a structured database called blockchain. Over the course of bitcoin history, the cryptocurrency has become very much significant both on and offline. The history of Bitcoin is as interesting as its present. Let’s travel back a few years to know Bitcoin rate history and its market.

A quick bitcoin history

Bitcoin came into existence with Satoshi Nakamoto’s efforts. The specific aim was to create “electronic cash system” that is “completely decentralized with no server or central authority”. After cultivating the bitcoin technology successfully, Satoshi made the open source code available to bitcoin enthusiasts only to vanish subsequently. The best thing that goes into the favor of bitcoin is its decentralized nature. There is no involvement of any government or institutions like a bank, which to a greater extent makes it a global exchange currency having similar value in every geographical region

So, what’s all this hype about 3rd of January?

3rd January holds importance in the history of bitcoin as it was the day when Satoshi released the open source code for this software. Not only the day becomes important for this reason but also counts as the remembrance of this special day to the history of bitcoin. Additionally, a global day to celebrate the true success of bitcoin is certainly a GREAT idea. 

While a special day (3rd of January if implemented successfully) will mark the success of a release (bitcoin source code) on one hand, it will, on the other hand, give a reason to educate new bitcoin enthusiasts about the worth and the true value of this virtual cryptocurrency. As bitcoin has already become a rage, a day to celebrate its success is, of course, the worth of the cost.

What does bitcoin mining stand for?

To put it simply, bitcoin mining is the process of adding transactions in the public ledger i.e. to the blockchain with all the advanced calculations. For instance, the process of sending bitcoin from a person to another is recorded in the network in the form of “block”. Special software called “miners” record these transactions. These transactions are then inscribed in a digital ledger collectively known as blockchain. 

Minors convert blocks into specific codes with specialized software and powerful hardware to convert them to “hash”. Although the process seems quite easy, it involves a lot of calculations with specific software to determine the true bitcoin value. Generation of every new hash is followed by the updating the same in the blockchain, which is publicly updated and propagated.

Insight on how bitcoin value is determined?

As per Satoshi’s protocol established for bitcoin, only 21 million of bitcoins can ever be mined of which only 12 million have been mined till date. It states that there is a limited supply of bitcoin that can ever be recorded. Unlike other elements of limited supply, bitcoin hold no real intrinsic value. There are a number of theories that explain why Satoshi choose 21 million as the limited number of bitcoins

The limited transaction value makes bitcoin different from stock and other such currencies. Additionally, controlling supply value is entirely open, which also favors the growth of this virtual currency in the blockchain ecosystem. The current growth of bitcoin may thus increase much more in value.

Is there a way to buy bitcoin?

Bitcoin is associated with a lot of risk-taking as per the fluctuation of this virtual currency. In case you are willing to own a digital currency, you can invest in cryptocurrencies like coinbase, CEX, and Kraken. These are the most established virtual currencies that you can buy, own or sell through bitcoin apps.  

All you need to have is setting up a Paypal account. For instance, take the example of coinbase app that you can use to trade in bitcoin through your bank account. You can make the deposit to your virtual account. Once the account is funded that generally takes a few days, exchange in the traditional currency for bitcoin can be done. The current worth of bitcoin is at an all time high. Therefore, it can be traded to own profit worth the original price. The bitcoin wallets and apps are there to offer you a way to trade in bitcoin.

Steps to mine Bitcoins

Step 1:
You need to find bitcoin miners that include Antminer S5, Antminer S7 and Antminer S9  as popular bitcoin miners.

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Step 2:
This is the step to create your bitcoin wallet. You can either head to Coinbase or sign up to hosted wallets. It is important to secure these wallets in order to protect your money in the bitcoin wallet.

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Step 3:
You can either choose to be a solo miner or join a pool. Joining a pool is a good option to increase profits and the rewards if compared to being a solo player. 

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Step 4:
It is now time to mine the hardware and install the right software on the computer. This will allow monitoring the input and output. Your software will include a number of information including statistics and hash rate. 

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Step 5:
Keep monitoring the results and the profit to ensure if you are doing the business the right way. 

What about the risk of trading in bitcoin?

Calculating all the risk, investment and bitcoin currency worth, this virtual cryptocurrency involves a lot of risk. Unlike other currencies that have a fixed value for a while, bitcoin keeps fluctuating. As the financial value is highly volatile, the cryptocurrency may swing even from hour to hour. Additionally, the transaction is not at all individual traceable, they are however secured because of the use of encrypted keys. 

The so-much-secured network also makes it impossible for a trader to know who is selling or buying bitcoins from you. However, there are exceptional opportunities for money laundering. Additionally, when a transaction hits the blockchain it gets final and there is no way taking it back from the software in any of the ways. 

The final thought

Trading in bitcoin is a resource-intensive process. The virtual currency has, of course, made an impressive jump in the past few years making it a profitable business altogether. Going back to the history of this cryptocurrency, January 3rd comes as the day that holds importance in the history as the day for making the bitcoin source code open to everyone. Well, the idea of celebrating a day for the success of this impressive cryptocurrency, of course, makes complete sense.

Neha Baluni
Written By
Neha Baluni

Being a Senior Technical Writer at MobileAppDaily, Neha Baluni loves jotting down her piece of opinion for the advancing technology in mobile app world. Having a journalism background, she is a writer by day and a reader by night. Her passion for writing covers different categories of technical and non-technical genre. In addition to writing, Neha loves traveling a lot.

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