Many people are familiar with the fact that Bitcoin is extremely profitable. After all, research has shown that there are around 100,000 millionaires in the world who managed to become rich by trading with this cryptocurrency. You are also familiar with the fact that Bitcoin boasts tons of advantages over the regular payment methods, which is why it is so well-accepted by the public.
Some of these advantages include greater security, instant transactions, no fees, and the aforementioned chance to make a profit. While you may be familiar with what Bitcoin brings to the table, there is one area that many people are unfamiliar with and that is the technology that powers this cryptocurrency.
That is exactly the topic that we wanted to discuss in this article. We’ll be taking a closer look at what happens behind the scenes. Without any further ado, let’s check out how is Bitcoin powered.
Blockchain is the main technology that powers this cryptocurrency. It enables it to remain self-sustainable, highly decentralized, and out of the control of banks and governments. Blockchain is basically a log that stores all of the transactions made with Bitcoin.
With regular payment methods, banks are the facilities that process them, hence all regular payment methods are centralized and take a lot of time to be processed. Blockchain technology allows every Bitcoin user to record and verify transactions and receive rewards for them. The process of recording and verifying transactions is called mining. Each verified transaction becomes a block and is integrated into the blockchain.
Artificial intelligence has become a common tool at trading sites. One of the most reputable platforms that utilize this technology is the official Bitcoin Trader website. The AI system that this trading site uses is able to scan the market and collect all relevant data about Bitcoin.
The data is analyzed and used to make accurate predictions on Bitcoin’s future fluctuations. In the end, the results are shared with the traders and they gain knowledge a powerful tool that helps them deal with Bitcoin’s high volatility rate and ultimately, maximize their profits.
To gain access to the AI system at Bitcoin Trader, all you have to do is register. The process is extremely fast and simple. When you visit their site, you will be required to fill out an online application form with some basic information about yourself. After the registration is complete, you will gain access to the AI system and reap all of its benefits.
Earlier in this article, we mentioned that Bitcoin’s security is one of its greatest advantages. Here’s how it works. All Bitcoin users are protected by its cryptology method. This technology masks the data that is being sent between the traders and servers and provides the users with a certain level of online anonymity.
Anonymity increases their security a lot, which is a massive benefit to have, especially in times when the number of online scams is rising and thousands of people fall victim and get robbed. Bitcoin does not allow your data to be accessed by unwanted third parties.
Finally, we have halving events whose purpose is to control the flow of Bitcoins to the network. They take place approximately every 4 years and during these events, mining is very difficult. That is why the number of Bitcoins that are released into the network is drastically reduced and hence, Bitcoins become far more valuable.
So far, we’ve witnessed 3 halving events – 2012, 2016, and 2020. The next three are scheduled to take place in 2024, 2028, and 2032. When it halving event in 2032 ends, it is expected that 99% of Bitcoins will be mined, but the year when 100% of Bitcoins are mined will be 2140.