In this guide, you will learn about the Top Interesting Facts to Know About Bitcoin. Newcomers to the world of cryptocurrency have a lack of knowledge about bitcoins.
Bitcoin is the world’s best-known cryptocurrency platform, but there are some things you may not know yet. Let’s take a look at some facts and figures about Bitcoin for a complete picture of this popular blockchain-based cryptocurrency.
Bitcoin, the father of cryptocurrencies, will inevitably become a hot topic of conversation and a frequent topic of discussion among traders, investors, entrepreneurs, and startups. Many people still do not know about Bitcoin. Well, you do not have to spend hours learning how complicated blockchain or cryptography is. To understand the potential of cryptocurrencies, you need to know at a basic level what they are.
These days, if you want to stay up to the minute with the financial trends of the fast-forward world, you have to be that guy wearing the distinguishing Blade Runner 2049 Jacket trading in Bitcoins.
The mysterious “Money of the Internet,” Bitcoin, has steadily gained popularity in the last eight years and is still the undisputed king of cryptocurrencies.
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While some Bitcoin is actively used for both investment and daily transactions, there is a large majority that Bitcoin has not yet adopted and does not plan to do.
Top Interesting Facts to Know About Bitcoin:
Mystery in Invention:
In 2009, a person or group of people known as Satoshi Nakamoto gave birth to Bitcoin. He disappeared from the Internet at the end of 2010, and since then nothing has been heard from him. As his identity is mysterious, no one knows if he is alive or dead. The only communication people had with him was through emails and forums. His Bitcoin wallet holds around 980,000 bitcoins, making him one of the wealthiest people in the world.
The First Purchase:
Did you know why May 22 is celebrated as Bitcoin Pizza Day? Initially, when bitcoins were mined, they were virtually worthless, as buying a BTC literally cost cents.
But it was until May 22, 2010, when someone bought something with bitcoins.
Seven years ago, someone bought piazzas with bitcoins that day, and this purchase was a big deal because, at that time, no retailer accepted bitcoins for goods and services. On May 22, 2010, Laszlo Hanyecz swapped two pizzas from Papa John for 10,000 BTC. This was the first officially documented purchase of goods with bitcoins. At that time, the value of 10,000 BTC was $ 41. At the time of writing, the value of 10,000 BTC was around $ 25.8 million, but now if you have at least four bitcoins, you can easily buy a Michael Jackson’s costume ‘Ensemble Worn.’
Losing your Bitcoin address, also known as your private key, does not just mean losing your unique identification. It also means losing all the bitcoins in your wallet. Research has shown that at least 60 percent of all Bitcoin addresses are ghosts. This means that a large proportion of Bitcoin users have lost their addresses and have no access to their wallets.
James Howells, an IT man, lost 7,500 bitcoins in November 2013. While cleaning his desk at home, he threw away his hard drive with Bitcoin’s private keys, which he had mined in 2010. The realization came to him as he read the news of a man from Norweigan, making a fortune by buying BTC at a low price. He searched and searched, but could not find his hard drive. Currently, the value of 7,500 BTC is approximately $ 19.4 million. Without the private key, money is lost forever, and nobody can use it.
By that time, an estimated 25% of all bitcoins have been lost forever.
Faster than Computers:
The world’s fastest supercomputer, the Summit, operates at 122.3 petaflops, equivalent to one quadrillion floating-point operations per second. If you look at the entire Bitcoin network, the processing power is about 80,704,290 petaflops. However, a supercomputer can perform various tasks while the blockchain Bitcoin network only adds blocks.
The number of Bitcoins in the market is limited: 21 million. There are already 17 million bitcoins in circulation. This means that nearly 80 percent of the 21 million have already been mined. But do not worry. By 2140 we will still have bitcoins. This is because miners are rewarded. Miners are rewarded with 12.5 bitcoins for each block added to the blockchain, women’s western leather jacket, and the reward is reduced by half every four years. The next halving is scheduled for 2020 when the reward is reduced to 6.25 bitcoins.
Bitcoin cannot be banned:
Due to the nature of Bitcoin, there is the constant talk of “banning” it. This hostility to Bitcoin is because it operates outside the jurisdiction of the traditional banking system. The basic design, however, is that it cannot be prohibited; it can only be regulated. As long as you have an internet connection and a Bitcoin wallet, you can join Bitcoin.
Nevertheless, many countries have tried to ban it, such as Bangladesh, Bolivia, Thailand, and Vietnam (among others). But there are some countries like Australia, Russia, Japan, and Venezuela that have made Bitcoin an official legal tender and regulate it.
However, some countries, such as India and even the US, are unclear about their official policy on cryptocurrencies. Bitcoin cannot simply be pushed away because it endangers the financial power structure.
The mining of bitcoins is expensive. You pay a lot of money, time, and electricity. The removal of bitcoins requires servers that are used for this specific purpose. The faster you process the data, the faster the block can be added to the blockchain, and the faster you will be rewarded with bitcoins.