The 'Cryptocurrency is for Virgins' trend highlights 'virgin' bitcoins

Amidst the continuing upheaval in the world of cryptocurrencies, where key assets are trading for prices that are much lower than their all-time highs, a movement known as "crypto is for virgins" has swept the market by storm.

This trend has nothing to do with investing in cryptocurrencies; rather, it is related to apparel. T-shirts printed with the words "crypto is for virgins" are becoming more popular among consumers. But before we get into these fashionable crypto t-shirts, let's first learn a little bit about Virgin Crypto or Virgin Bitcoin, two names for the same company.

What is Virgin Bitcoin?

There are other cryptocurrencies and blockchain-based projects out there, and Virgin Bitcoin is not one of them.

After being "mined," bitcoins make their way into the world, where they eventually become part of a transaction by changing owners. Some people claim that because of this, bitcoin is now "tainted." On the other hand, a virgin bitcoin has not been used in any transaction after it was mined. This means that it is still in its original state.

This implies that for a bitcoin to be referred to as "virgin," it must arrive with no transaction history whatsoever.

Bitcoin in comparison to virgin bitcoin

The important takeaway from this is that there is a need for each step of the bitcoin mining process. The mining industry is significant all by itself.

After being mined, a standard bitcoin is added to the pool and is then routinely exchanged among the many parties involved, including miners, exchanges, and investors. A Virgin Bitcoin is the same thing as a normal bitcoin; the only difference is that it hasn't been transacted with all that often in any transaction yet.

Premium Virgin Bitcoin

It is stated that in some transactions, if the bitcoin being purchased has never been used before, the buyer will willingly pay a premium above the standard price of BTC. Even though the blockchain promises transparency and distributed ledgers, many experts believe that it may be difficult to identify freshly generated bitcoins that do not have a transaction history. This is the case even when the blockchain is used.

Some people even suggest that virgin Bitcoin may come with benefits such as no environmental expenses and no transactions in dubious or illegal deals. These are only two examples. Nevertheless, these assertions have not yet been verified by the relevant authorities.

Bitcoin price

For those who are interested in bitcoin, the year 2022 has started out slowly for them.

By November of the previous year, the value of one bitcoin had skyrocketed to over $68,000, stunning its detractors. The price increase, however, was just temporary, and there has been a significant decline in 2022.

As a result of the recent downturn, the total market capitalization of bitcoin has dropped below $1 trillion US dollars; the current market value is roughly $706 billion US dollars. The price of one Bitcoin, which was roughly $46,000 on January 1, 2022, has dropped to approximately $37,000. This is a decrease of approximately 17%.

The price of bitcoin in 2022

The price of Bitcoin has risen by nearly 4% in the last 24 hours, which is cause for optimism.

Ground level

Virgin does not plan to launch its own cryptocurrency or participate in the development of any other blockchain-based projects. The phrase is now being printed on T-shirts, and many younger people who are interested in cryptocurrency want to purchase such tees. A Virgin Bitcoin is nothing more than a mined bitcoin that hasn’t moved hands even once.

That's all for today, see ya tomorrow! If you want more, be sure to follow our Twitter (@croxroadnews)

DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. Please be careful and do your own research.

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