One of the hottest tech topics this past year and beyond has without a doubt been bitcoin. Naturally, we had to bring the topic to The Big 550 KTRS for our Tech Talk segment. Our IT expert, Jeff Groby, had a ton to say about cryptocurrency and the crew on the Guy Phillips Show were prepared with questions and ready to learn more about how people are making it big with bitcoin.
Power is one of the best terms to use when talking about bitcoin. Though it has been around for years, cryptocurrency has massively skyrocketed in popularity since 2017. Not only is bitcoin worth a pretty penny, it also takes a massive amount of power and technology to be successfully mined.
Jeff Groby stated that he used to mine for bitcoin in years past, but it became too difficult for his technology to keep up over time. You know if you've listened to Tech Talk in the past, Jeff is a total Tech Guru and for him to say things got too powerful, it must have been some serious business!
While bitcoin may be worth money, the price of keeping up with the trend is expensive. Having the proper equipment is not only an investment of time, it's also going to cost by means of your technology upgrades and electricity bill. However, it's never too late to start investing in bitcoin. Jeff mentioned that it is currently estimated that there is enough to be mined until 2140!
In 2010, a programmer made what has been considered the very first bitcoin transaction. The man ordered two pizzas to be delivered to his home for 10,000 bitcoins, which at that time translated to $30. At the peak of bitcoin during winter 2017, those two pizzas would have been worth around $82 million. That is the equivalent of paying $4 million per slice!
It's expected that by the time we run out of bitcoin currency, it will be worth an estimated $100,000 per coin. If you're interested in seeing the rise and drop of the worth of bitcoin throughout the day, Jeff mentioned a few exchange sites you can safely use. These sites are complete with information about bitcoin and regularly updated with the current worth of the currency around the world.
As the group over at the Guy Phillips Show shared, "Bitcoin is a lot to wrap your head around!" Jeff Groby did a great job, as always, of sharing his insight into the hot topic of crytocurrency. Join us this week on The Big 550 KTRS to hear all about Blockchain on Tech Talk, Friday afternoon at 4:20. For more information about SumnerOne and the services we offer, give us a call. Check out the full video from last week down below.
Originally published September 14, 2018, updated February 12, 2019