You won't believe the millions of dollars that Bitcoin moves every second

You won't believe the millions of dollars that Bitcoin moves every second

If you are all into cryptocurrencies and especially over Bitcoin, this article is a must-read. Here you will discover the crazy amount of money Bitcoin moves per second. Keep reading for all the information!

If you are all into cryptocurrencies and especially over Bitcoin, this article is a must-read. Here you will discover the crazy amount of money Bitcoin moves per second. Keep reading for all the information!

Digitization is reaching all areas of the economy and finance, including money in circulation itself. Of the 84 trillion dollars that currently move globally, only 37% (31 trillion) are in cash, 8.2 trillion in gold, 66.8 trillion in stocks and up to 100 billion in cryptocurrencies or digital money.

Digitization is reaching all areas of the economy and finance

The advancement of these virtual currencies has been unstoppable in the last decade. Bitcoin, the best known globally, became more stable in value than gold in 2016 and has surpassed the price of an ounce earlier this year, according to data from How Much. Currently, cryptocurrencies move more than 100,000 million dollars globally, which is equivalent to the GDP of Morocco, in the 60th position of the world economies by size.

Only Bitcoin concentrates almost 50% (41,000 million), the rest is distributed among other currencies such as Litecoin or Monero. The most famous cryptocurrency was born in 2009 with the aim of decentralizing the online payment market. Bitcoin is not backed by any government nor is it dependent on any central issuer. Along the same lines, transactions do not need intermediaries and the protocol is open source.

This currency is based on peer-to-peer (P2P) or peer-to-peer technology to operate without central authority or banks, the management of transactions and issuance is carried out collectively and its design is public.

Only Bitcoin concentrates almost 50% (41,000 million)

Transactions are protected by blockchain technology (the so-called chain of blocks, an accounting book that records all transactions under the consensus of the majority of users).

On June 11, the price of Bitcoin tripled its value, reaching a historical record above $ 3,000. The increase in its valuation is partly explained by the greater scarcity of virtual currency. So far this year, the mining of Bitcoins (the process by which the cryptocurrency is discovered) has fallen at a rate of 4.4%, compared to 9.3% in 2016.

The risks of the virtual currency splitting in two are a reality, Bloomberg reports. The confrontation is ideological, between those who advocate maintaining the independence of the currency as a safe haven or payment method or those who defend greater openness and commercialization among large corporations or central banks.

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