- The new trend ‘crypto is for virgins’ has inadvertently brought ‘virgin’ Bitcoins to limelight
- The catchphrase is the latest trend amid a downward slide in the prices of most cryptocurrencies
- The slogan may appear on tees together with other slogans like ‘Get a 9-5’
Amid the ongoing turbulence 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.
The trend has nothing to do with crypto investment, but with 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 know a little about virgin cryptos or virgin Bitcoin.
What is a Virgin Bitcoin?
Virgin Bitcoin is not any unique cryptocurrency or a blockchain-powered project.
Bitcoins are mined, and then they enter a world where they exchange hands as part of transactions. This, some consider, makes the Bitcoin ‘tainted’. In contrast to this, a virgin Bitcoin is one that has not been a part of any transaction after being mined.
This essentially means that for a Bitcoin to be termed ‘virgin’, it must come with no transaction history.
Bitcoin vs. Virgin Bitcoin
The point here is every Bitcoin owes its existence to mining process. Mining in itself is a big industry.
A regular Bitcoin enters the pool after being mined and is regularly traded among various stakeholders that include miners, exchanges and investors. Virgin Bitcoin is just-another regular Bitcoin that has yet to be so traded in any transaction.
Virgin Bitcoin premium
It is said that in some trades, the buyer willingly gives a premium over the prevailing BTC price if the Bitcoin is virgin. But many analysts point out that identifying such newly minted Bitcoins which have no transaction history may be complex, even though blockchain boasts of transparency and distributed ledger.
A few people also claim that virgin Bitcoins may come with features like no environmental cost and no transaction in shady and illegal trades. These claims however have yet to be verified by experts.
The year 2022 has so far been dull for Bitcoin enthusiasts.
By November last year, Bitcoin scaled nearly US$68,000 and stunned its critics. But the rally was short- lived and the decline in price in 2022 has been substantial.
The dip has led to Bitcoin’s market cap fall below US$1 trillion, and as of now the market cap is nearly US$706 billion. The price of one BTC, which was approx. US$46,000 on January 1, 2022, has dropped to nearly US$37,000.
Data provided by CoinMarketCap.com
The silver lining is that over the past 24 hours, BTC price is up almost 4 per cent.
Crypto is for virgin is neither a new cryptocurrency nor any other blockchain-based project. The slogan has made it to t-shirts and many young crypto enthusiasts are looking to buy such tees. Virgin Bitcoin is nothing but a mined Bitcoin that hasn’t exchanged hands even once.