Bitcoin Explained for Beginners: Infographic

Understanding Bitcoin Wiki

This week on blockchain infographics: Features of bitcoin explained for beginners with an Infographic

The digital currency, which is different from previous virtual currencies as well as fiat currencies.

Features of Bitcoin Explained: Infographic

Features of bitcoin explained: Infographic

Bitcoin Explained for Beginners

Google searches for the term ‘bitcoin’ has tripled since it recently touched a mark of $5000. This data suggests that people yet don’t understand the digital currency

We have compiled some interesting facts on the first-ever cryptocurrency which explains its basic features. For a beginner wanting to understand the particular cryptocurrency, this infographic gives a clear and concise understanding.

  • The first-ever block of bitcoin, containing a total of 50 bitcoins was mined by its creator namely ‘Satoshi Nakamoto
  • The price of one bitcoin was as low as $0.008 in 2010. It has skyrocketed to as high as $20,000 and is currently around $5000.
  • The digital currency is based on a ‘peer to peer model. It does not require any central government, agency or banks to operate.
  • The total number of bitcoins, that can ever exist is 21 million. Once, all 21 million bitcoins are mined, no more bitcoins can be further created. More than 17 million are already mined (2019).
  • All your Bitcoins are stored in a digital wallet protected by a Private Key. If this private key is lost/stolen, there is no way to retrieve those bitcoins. 
  • Though previous attempts at digital currency were made, this cryptocurrency has become a phenomenon as it combines the principles of Blockchain Technology and Cryptography.

Crypto Institution

In order to understand how bitcoin works, what is bitcoin mining, the mechanism of proof of work in bitcoin- there are separate guides provided on each subject in the crypto institution.

Each week, we will introduce a new infographic on cryptocurrencies or blockchain technology or cryptocurrencies. Stay tuned to this space to learn exciting facts, figures, and information in the most creative way!