Home >> News >> What exactly is bitcoin and how do you get it? Internet users: regret not understanding when they were young

What exactly is bitcoin and how do you get it? Internet users: regret not understanding when they were young

What exactly is bitcoin and how do you get it? Internet users: regret not understanding when they were young

In 2011, a college student asked a question on the Internet about how to get the highest income when he had $6,000 in his hand and used $60 million to invest. At that time, a netizen suggested that he buy bitcoin, which would increase the value of his $6,000 in five years' time compared to other investment products, and might even multiply it tens of times.

Bitcoin Price Increases

The price of bitcoin in 2011 is about $3 a piece, in other words, the $6,000 in the hands of a college student can be used to buy about 300 bitcoins. Five years later, in 2016, the price of bitcoin would have been $900 a piece.

Today, despite the price drop, bitcoin has increased to $13,000 a piece. If this college student had followed this San Tin internet user's best advice and actually bought bitcoins, his $6,000 family fortune would be in the hundreds of millions of RMB today. In other words, their capital has really increased in value, and has long since multiplied by tens of millions of times.

Bitcoin is actually a traveling currency traded online, it will not be limited by our country, and it is every purchase and sale is all public, but also maintains the ID information among investors. For many hacking techniques, they can't recognize rmb or dollars, but they recognize bitcoin.

How did bitcoin come about?

Bitcoin's price was relatively stable until 2011, but gradually from 2011 to today, its overall price trend has been increasing and has multiplied tens of thousands of times over. Before 2011, if you wanted to get a bitcoin, you could get it by shopping around and mining it yourself. All you needed was a computer, and then using the relevant programming process, you were able to mine bitcoins on the internet.

When Bitcoin was first released, it was easy to mine Bitcoins using a computer, and a home desktop computer could roughly mine one up or bitmain s19 pro price down in a twenty-four hour time frame. At that time, Bitcoin was only a few dollars a piece, so it was not cost effective to mine Bitcoin.

But as time went on, by 2021 it was mostly impossible to mine bitcoins with a home desktop computer. Today's dedicated mining machines can only mine zero point zero zero zero in twenty-four hours. Mining on the internet with a computer is getting tougher and tougher, and the key to getting bitcoins today is either shopping for them.

Most people don't know who actually released Bitcoin, but it seems that some people have been gradually implementing this type of currency on the internet since the financial crisis of 2008. However, once the currency was released, many shareholders discovered its potential use and bought many bitcoins in 2009 and up and down 2010 with the assets they had.

Bitcoin is risky

Chinese bitcoin gamer Li Xiaoxiao bought close to 2,000 bitcoins between 2009 and 2010. And as the price of bitcoin rose, Li Xiaoxiao continued to buy bitcoins for the next two years, boosting his bitcoin holdings.

In 2017, the international bitcoin buying and selling price reached its peak, when one bitcoin was traded for $18,000. Li Xiaoxiao sold all the bitcoins in his hands at this time and won about 13.5 billion, increasing his wealth by nearly a thousand times. Bitcoin is also gradually stepping into the eyes of the masses, and more and more people in China are participating in the Bitcoin project investment.

However, many of our central banks do not actually recognize this type of currency. The People's Bank of China has announced that bitcoin is a completely false currency, which is not the same as the rmb and usd. rmb and usd are currencies that are related to the gold reserves of the country where they are located. But bitcoin is not the same, its price just seems to be speculated by the internet for no reason. Thus, the call for bitcoin stockholders must be cautiously engaged, risky and try not to project investment.

Contains relying on bitcoin hair loved ones Li Xiaoxiao after selling all the bitcoins in the house. The news reporter asked him what he thought about bitcoin, and he also indicated that bitcoin is just a scam, and just this scam is not even close to being unraveled.

Bitcoin does not belong to any one country, its price can be completely with the market fluctuations. Some of them increase quickly when they are hot, and the price drops as soon as the stock dealer withdraws. It is even more unstable than the price of individual stocks in the stock market.

Bitcoin in 2017 up and down the trading volume price is $18,000, that time a large number of stockholders project investment influx into the sales market, bitcoin stock dealer to take advantage of the opportunity to sell, bitcoin in 2018 up and down the defeat of the decline, probably 81,000 yuan a purchase and sale price.

At that time the vast majority of stockholders were all dumped. Then two years later, the stockbrokers gradually came back to the sales market, and the bitcoin buying and selling price only began to pick up, reaching $13,000 a piece by 2022.


Can the S19J Pro mine any coins?

The most recent iteration of mining ASIC for the SHA-256 algorithm was created by BITMAIN, produced by Vipera, and named Antminer S19J Pro 104Th/s. It has a typical hashrate of about 104 Th/s and can mine Bitcoin (BTC) as well as BSV, BCH, ABC, and LTC while using a continuous power supply of 3,120W.

What coin offers the best mining returns?

The most lucrative cryptocurrency to mine is bitcoin. Ethereum is the best choice for business miners and smart contracts. Beginner miners should use Monero. Best for low-investment mining is Ravencoin.

Is it wise to put $10 into Bitcoin?

Without running the risk of suffering a significant financial loss, starting with $10 can be a terrific way to learn how to use bitcoin safely. You can increase your holdings after you feel more confident using bitcoin and understand how to store it securely.