Is physical Bitcoin real or fake?
If you are asking yourself this Question “Is physical Bitcoin real or fake?” we can give you a simple answer. It is fake. It does not exist and anyone who claims differently is probably trying to scam you. So do not get fooled by it.
In this blog, we will explain why Bitcoin is not a physical thing and why it never will be.
Because many new people entering crypto still believe that the final state of Bitcoin is physically a coin that can be exchanged hand to hand in person. This has even led to some scams with physical Bitcoin all over the world.
The irony of it is that Bitcoin’s success comes from the fact that it does not have a physical form.
Why Bitcoin has No Physical Form
Bitcoin gets most of its features from the fact that it does not exist as a physical coin. Because Bitcoin excites solely as a digital currency it is able to travel across borders in a matter of seconds. Besides that, it is also more durable, divisible, and best of all programmable. All these features you would not have if you use Fiat currencies like the Euro or Dollar for example.
Digital transfer of wealth
Because Bitcoin only exists as a digital currency it is also only possible to transfer it digitally. This is mostly done over the internet and can thus travel at the same speed as your WhatsApp messages. To send a Bitcoin transaction from Berlin to Tokyo on the main Bitcoin blockchain will at most take 10 minutes. But if a user would utilize the Bitcoin lightning network it would not even take 1 second. As the lightning network settles transactions in Bitcoin instantly.
Being able to digitally transfer your wealth has the advantage of being very very speedy. And this without having to send large amounts of physical currency at a later point.
Bitcoin is durable
To be an effective currency Bitcoin must be able to withstand almost anything. And it already has. The Bitcoin Network has been online 99,9999% of the time and is extremely safe. With more than 20.000 nodes holding up the Bitcoin network. And an ever-growing amount of computing power behind it.
But unlike Fiat currencies, Bitcoin can not be copied. Meaning 1 Bitcoin will always be 1 Bitcoin. As Bitcoin will never inflate past its original 21 million Bitcoin point. Meaning there can only be 21 million Bitcoin in the world.
Making cents out of the Bitcoin
If we were to divide the Bitcoins cap of 21 million Bitcoins among all the people this would never be enough for everyone on the planet. Lucky Bitcoins are divisible into something we call Satoshi’s or in short “Sats”. Just like one dollar is divisible into 100 cents, one Bitcoin is divisible into 100.000.000 Sats. 1 Sat is thus the smallest amount of Bitcoin there is. Because of the divisibility of 1 Bitcoin and the lightning network we can thus make micropayments. This way you can send amounts smaller than a cent which can be nice for tipping people or even earning some Sats by playing some mini-games.
We hope that this blog helped you answer the question: is physical Bitcoin real or fake? If you have more questions like “is physical Bitcoin real or fake?”. Feel free to ask them in our help groups on Facebook or Telegram.
So are you ready to start with Bitcoin? Well, it all begins with a Bitcoin wallet so take a look here to see which one suits you best.