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All about Bitcoin: The facts you need to know

BitcoinPlay | Oct. 26, 2017
Bitcoin has surpassed the expectations of its detractors to prove itself as a financial instrument for the modern Internet generation. Here's what you need to know about it.

 

When it comes to facts about the notorious financial sector-disruptor, Bitcoin, it is not always possible to get reliable data. Many tidbits of information exist in various corners of the internet, but few are as thorough as the data gathered and curated by BitcoinPlay.

According to the data, Bitcoin's 10-year rise was slow but steady. What started as 3k lines of code is now well over 100k SLOC, and has risen past the US$5,000 per Bitcoin (BTC) mark as of October 2017. The rise hasn't been without its rough patches, however, Bitcoin has surpassed the expectations of its detractors to prove itself as a financial instrument for the modern Internet generation.

 

Governments Attempt To Legislate

The world seems now to be divided into the pro-Bitcoin and anti-Bitcoin parties and even countries are divided on how to regulate or approach Bitcoin. Some countries, including Saudi Arabia, Bolivia and Bangladesh, have outright banned the use of Bitcoin, making it illegal. Others like Switzerland, Finland and Japan have all accepted Bitcoin in some way or another.

 

Japan Leading The Way

Japan the place of Bitcoins birth, officially began accepting Bitcoin as an official form of payment in 2017. Over 300,000 merchants are expected to accept Bitcoin before the end of the year. Furthermore, Yen accounts for 42% of Bitcoin-buying, making Japan one of the first countries to fully accept the crypto-currency revolution.

 

More Facts

Though Japan is the first, they definitely won't be the last. Even if countries continue to ban or heavily legislate Bitcoin, it will only fuel its growth, as it's relatively safe from governments and the conventional financial sector. Bitcoin is here to stay and to learn more, make sure to take a look at these 62 Insane Facts below

Bitcoin infographic

 

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