What If You Had 1,000,000 Bitcoin?

  What If You Had 1,000,000 Bitcoin?

The digital phase is beginning. And in the last few years, nothing has been discussed to the extent that Bitcoin has been prevalent in the news. Forget Euro, Pound and Dollar. Now we have entered the era of digital gold. 

The time has come to handle your bitcoin.

                                       

bitcoin

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And this is  " Engineer-Page " 

In 2009, a man called himself Satoshi Nakamoto released a new software code. Now let's go straight to 2021.Where that software code has grown in size.  The current total bitcoins are currently valued at $ 647. 2 billion. We are talking about bitcoin , The revolutionary digital currency that is heavily in the headlines.

Satoshi Nakamoto

We will give you all the information whether you consider the dose (doge coin)  to be that dog with a meme or completely clumsy in the case of crypto.

So, imagine that you have 10,00,000 bitcoins. 

• What can you buy with so many bitcoins?

If you don't know how bitcoins work . So these are some simple things to understand it. 

• Bitcoin is a decentralized digital currency.
• There is no central bank for this.
• Bitcoin can be owned by anyone.

Its transactions are verified in a network through the technology of sending information through cryptography  code. Because of this, this information becomes highly secure. All transactions carried out till date The blocks are placed in a public account called a blockchain. 

information becomes highly secure

But, you might be wondering where all these bitcoins come from? 

The term mining is used in cryptocurrencies. That is, adding or adding the records of verified transactions in the blockchain. This accounting work is paid for in the form of a new bitcoin. But you are likely to get the amount, for this you have to do 1 megabyte transaction. Otherwise, you are not going to get anything. 

verified transactions in the blockchain

So, depending on how much data is in each transaction, you may have to add up to several thousands of verified transactions so that you can get a chance to earn bitcoins.

And after that, you have to go through the process of verification. and become the first minor to find an answer to a complicated math question. This is known as " proof of work ". Then, you get your reward.

proof of work 

But there is also an extraordinary thing related to this.

The number of bitcoins is limited. Once all these bitcoins are mined, that's all. And according to the estimate, by the year 2040 all bitcoins will be mined.

After this, who knows what will happen? 

So, now that we know 

• what Bitcoin is 
• And how to mine it. 
• So how much does a bitcoin cost ?

Like any currency, the price of bitcoins also varies. 

price of bitcoins

In the early days, a bitcoin was worth little. It was priced, but hardly anyone took it seriously. And there was no market or exchange where you could use it. All these things are reminiscent of another crypto which has been in the news in recent times. Doge coin and Crypto's favourite dogs were not in the news simply because they looked cute.

bitcoin was worth little

    Anyway, let's go back to Bitcoin. In 2010, reports came that someone had tried to auction 10,000 bitcoins for $ 50. But nobody bought them. So how much will those 10,000 bitcoins cost today? So how much will those 10,000 bitcoins cost today? 1 bitcoin price was less than $ 0.01 in 2010 .You heard it right, they were almost worthless. 

    And now, at the time of creating this blog, as of February 2021, the price of bitcoin was $ 44000. If you had bought that pile of bitcoins and had it with you even today, then your price would have been high. It would have cost $ 450 million.

bitcoins cost today

So today, you are not even likely to buy a bitcoin. Provided you are Elon Musk and buying $ 1.5 billion worth of bitcoins is like buying for a week. With this, we have come back to mining.

Can you mine as much bitcoin as you can to change your price?

The simple answer to this is no. Unfortunately, the way Bitcoin is built makes it difficult to mine blocks one after the other. Mining the next block requires more time and more computing. One drawback to mine bitcoin is that these computations require a lot of power to compute. power. It consumes a lot of electricity. And as you know, it takes money.

One drawback to mine bitcoin

So, what if you had hidden 10,00,000 bitcoins a decade ago?

 Well, you cannot spend them in Bolivia or Nepal because bitcoin is banned here. But Zagby analytics found that one-third of Americans take cryptocurrency for small trade payments. Some big companies are willing to take Bitcoin. Including Microsoft and some aircraft companies, chain restaurants, promotional sports teams, and at least one England-owned company.

information becomes highly secure

In reality, you or I are less likely to get so many bitcoins. But no one can deny this cryptocurrency is not going anywhere. So, who can say that after 10 years from now we will not be using it to buy pizza?  It can also be bitcoin or any of the

existing cryptocurrencies

existing cryptocurrencies. Or maybe we are still using the same old euro, yen, yuan or dollar. Who knows? 

But what if you had 100 billion dollars to spend? To know

Keep reading

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