Bitcoin is a cryptocurrency that was first introduced by Satoshi Nakamoto in 2009. It is the very first cryptocurrency that was introduced. It is a decentralized currency that helps to make payments in exchange for goods and services. However, due to sharp price fluctuations, Bitcoin is also often considered as an investment asset. This article is about the creation of a Bitcoin, how many pieces will be available in the future and how it might affect the price. Translated with www.DeepL.com/Translator (free version)
What is Bitcoin Mining?
In the course of mining, new Bitcoin are created. Computer hardware is used to solve complex mathematical problems. In this process, the first person to find the solution to the mathematical problem is rewarded. In return, you are rewarded with Bitcoin blocks. However, you will only receive these if you are the first person to solve the math problem. The whole process takes about 10 minutes, then it is restarted.
These computational tasks are used to verify the transactions of the currency. Many people are now interested in mining, as Bitcoin has increased in value greatly in recent years. The mining process becomes more difficult with every Bitcoin mined. This is because there is only a certain amount of Bitcoin available for miners.
How many Bitcoins are there?
We noted at the beginning that there is a limited number of Bitcoins in the world. Only 21 million Bitcoin exist in total. Currently (December 2021), about 18.9 million Bitcoin have been mined, after which about 2.1 million are still missing. So the Bitcoin that are currently in circulation have already been mined. Mining Bitcoin is becoming increasingly difficult. On the one hand, this is due to the fact that fewer and fewer Bitcoins are available, and on the other hand, more and more people are certainly participating in this process. Since it is ultimately about computing power, a correspondingly strong hardware is a basic requirement. For a private person with effective mining hardware, it currently takes about 4 to 5 years on average to mine one Bitcoin.
If you are interested in digitally mining Bitcoin yourself, you will have to expect a high investment right from the start. The necessary hardware is currently difficult to get hold of and relatively expensive at the same time. However, if the Bitcoin price continues to grow strongly, this could still be a lucrative business.
How else can I get into Bitcoin?
Bitcoin mining can be laborious, costly, and yet not very lucrative. If you are still interested in acquiring them, there are several options:
Exchanges for cryptocurrencies
So, if you have some cash on the side that you would like to invest, you can acquire Bitcoin or other cryptocurrencies via exchanges. This is already widespread and, next to mining, probably the best-known way to get cryptocurrencies.
The market is now full of providers that offer trading platforms for their customers. We have already taken a closer look at some major exchanges and tested them for you in detail:
These networks are another option to get cryptocurrencies. However, a trading platform does not act as an intermediary, but you get in touch directly with other interested parties. The network helps you find a person who is willing to sell you the desired number of cryptocurrencies.
While this sounds good in theory, it leads to a trust issue. In actual exchanges, you need to be sure that you can trust the other person. This is also the main reason why most people prefer exchanges as their first choice.
No Deposit Bonus
Some of our casino providers offer a no deposit bonus in cryptocurrencies. You only have to clear this bonus and you can call it your own. Afterwards, you have the option to continue playing in order to increase your cryptocurrencies even more or transfer them directly to your wallet.
TrustDice offers the most lucrative bonus in this regard. There you will randomly receive $1-5 per day for five days, which you can use for casino games.
Important: The mentioned no deposit bonus is an exclusive offer for visitors of this site. You can only qualify for this program if you follow a link from this page.
Faucets are free vouchers that can be used to purchase cryptocurrencies. These are sometimes available without any conditions, otherwise deposited behind a questionnaire or similar tasks. We can highly recommend TrustDice in this direction as well.
As you can see in the picture, the operator offers different faucets, and the number is constantly expanding. The best thing about it? After a simple registration, these vouchers can be requested without conditions every six hours. The respective currency will be credited to your wallet and you can use it to play or transfer it directly to your personal wallet. It really doesn't get any better than this!
How many Bitcoin are in circulation?
As mentioned above, the Bitcoin number is limited to 21 million. However, this does not mean that this amount will eventually be in circulation. Quite the opposite: Due to the private wallets and high security regulations, there are numerous documented cases where a large number of Bitcoin has been lost. Recovering them is virtually impossible. The largest wallet in this direction is attributed to founder Satoshi Nakamoto, which is said to hold one million Bitcoin. However, there have been no movements there since 2012. If the owner should have died, for example, the Bitcoin are in all probability irrevocably lost.
Caution: Bitcoin and other cryptocurrencies have been lost several times in the past. Protect your assets especially well and consider reasonable security systems. The loss of your key can lead to the complete loss of your cryptocurrencies.
What does this mean now? The number of Bitcoin mentioned above represents the theoretically possible sum, but in reality there will be significantly fewer coins in circulation.
Is it too late to invest in bitcoin?
This question cannot be answered with a clear yes or no.
The price of Bitcoin has risen steadily over the past few years, but it has also had to put up with very sharp drops in between. However, if you look at the big picture, you can still see a very clear trend. However, this also applies to the stock market:
“Future price developments cannot be inferred from past prices.“
As a portal dedicated to Bitcoin and the entire field of cryptocurrencies, we are naturally very positive about the topic. Ultimately, however, all digital currencies are risky investments, which is why you should never invest more than you are willing to lose.
The maximum number of Bitcoin that can ever exist is 21 million. So far, the community has managed to mine 18.9 million of them, with miners trying day and night to mine the remaining 2.1 million. If you want to get into the mining business yourself afterwards, you should inform yourself thoroughly in advance and be aware of the costs and risks.
Investing is an easier way to get Bitcoin quickly and benefit from possible price increases. If you do not have the financial means to do so, the aforementioned no deposit bonus and faucets are a risk-free option.