3 Things to Know About Bitcoin

July 15, 2022
by RJ Hamster

Bitcoin on your brain these days… maybe it should be? Many Bitcoin fans, the most hard core among them known as “Bitcoin maximalists,” believe Bitcoin is bussin (or awesome, for more seasoned readers), are stocking up on Bitcoin like toilet paper. They would tell you that Bitcoin is basically at fire sale prices. Now, we can’t give you investment advice, but we know everyone likes a good sale and good info. Sooooo, here are 3 things to know about Bitcoin, so that you can decide if maximalists are full of it, or onto something (in which case, check out the link below to buy Bitcoin!)

1. Bitcoin is Popular.

…At least among cryptos. All the cool kids are doing it. Bitcoin is the oldest crypto and the most widespread. Bitcoin’s market capitalization (largely accepted to be a way to compare value) as of the writing of this email is more than $370 billion. To put that in perspective the next most popular crypto, Ethereum, is at about $129 billion and The Coca-Cola Company is at about $270 billion.

2. Bitcoin is Powerful.

Bitcoin was created back in 2009. Its age, combined with the fact that lots of folks are buying it, means that the network behind it is like a fine red wine — robust. That’s because Bitcoin miners have computers that are working hard day and night to “win” the next block, and receive Bitcoin as a reward. This computational power is called hashrate. The higher the hashrate, the more powerful and reliable the network. Bitcoin’s hashrate has been steadily climbing over the years, and despite the price dropping, the hashrate is at an all time high. The takeaway—Bitcoin’s network is powerful and more secure.

3. Bitcoin is Catching On.

More countries, companies and people are using Bitcoin. El Salvador le gusta mucho el Bitcoin and approved it as legal currency in 2021. The Central African Republic did the same, saying oui to Bitcoin in 2022. And you can buy computers, cookies or other cool stuff with Bitcoin, at companies like Starbucks, Whole Foods, AT&T and Etsy. You know who else is In da Club? That’s right—rapper 50 Cent got paid for his 2014 album in Bitcoin. Football stars Aaron Rodgers and Odell Beckham Jr. have taken some of their salary in Bitcoin. And the mayors of Miami and New York City are counting the Bitcoin on their pay stubs.

Hungry for more? Read about Bitcoin on Earnity here.

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Stay well!

Your team at Earnity

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RJ Hamster

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