Amidst the ongoing unrest in the crypto world where major assets are trading well below their peak values, the ‘crypto is for virgins’ trend has taken the market by storm.
This trend has nothing to do with crypto investing, but clothing. Tees with the phrase ‘crypto is for virgins’ have become a sought-after good. But before we talk about these trending crypto t-shirts, let’s get to know a little bit about Virgin Crypto or Virgin Bitcoin.
What is Virgin Bitcoin?
Virgin Bitcoin is not a unique cryptocurrency or blockchain-powered project.
Bitcoins are mined, and then they enter a world where they exchange hands as part of the transaction. This, some believe, makes bitcoin ‘tainted’. In contrast, a virgin bitcoin is one that has not been a part of any transaction after it has been mined.
This essentially means that for a bitcoin to be called ‘virgin’, it must come with no transaction history.
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bitcoin vs virgin bitcoin
The point here is that there exists for every bitcoin mining process. Mining is a big industry in itself.
A regular bitcoin enters the pool after mining and is regularly traded among various stakeholders including miners, exchanges and investors. Virgin Bitcoin is just another regular bitcoin that hasn’t been traded that much in any transaction yet.
Virgin Bitcoin Premium
It is said that in some trades, if the bitcoin is virgin, the buyer voluntarily pays a premium over the prevailing BTC price. But many analysts say that identifying newly minted bitcoins that have no transaction history can be complicated, even if the blockchain boasts transparency and distributed ledgers.
Some even claim that virgin bitcoin may come with features such as no environmental costs and no transactions in shady and illegal trades. However, these claims have not yet been confirmed by experts.
bitcoin price
The year 2022 has been a sluggish one so far for bitcoin enthusiasts.
By November last year, bitcoin had expanded to around $68,000 and stunned its critics. But the rally was short-lived and the price drop in 2022 has been substantial.
The decline has caused the market cap of bitcoin to fall below US$1 trillion, and the market cap so far is approximately US$706 billion. The price of one BTC, which was approx. US$46,000 on January 1, 2022, has fallen to approximately US$37,000.
data provided by CoinMarketCap.com
The glimmer of hope is that in the past 24 hours, the price of BTC has risen by about 4 percent.
read alsoIs crypto dead and what does 2022 hold for blockchain?
ground level
Crypto is for Virgin neither a new cryptocurrency nor any other blockchain-based project. The slogan has made it into T-shirts and many young crypto enthusiasts are looking to buy such tees. Virgin Bitcoin is nothing more than a mined bitcoin that hasn’t exchanged hands even once.
