Bitcoin is the most popular cryptocurrency in internet because of its high value. We can buy things and make transactions using it. Due to the facts that its very expensive in its real world value, miners tend to push themselves to dig and mine Bitcoins in internet. Bitcoin is continuously rising and become recognized in every part of the world. Year by ear by year, its value and rates is rising in markets and exchange sites.
We already know the about bitcoin but only its name and value. In this article I’m gonna share to your what are those amazing facts and revelations about Bitcoin that surely blow your mind.But before that, we have to know some definition of Bitcoin that will help you to understand our listed facts.
What is Bitcoin?
Is a digital or virtual currency in 2009 that uses peer to peer technology to facilitate instant payment according to Investopedia. Bitcoin is innovative payment network and new kind of money according to Bitcoin.org.
Things You Must Know About Bitcoin
Bitcoin is Anonymous
No one knows who created bitcoin. Even till this date, no one has been able to determine whether it was he, or she, a single individual or a group of programmer.
Bitcoin has no physical Existence
No single entity or government has control over bitcoin currency.
Losing of Bitcoin
James Howells made an headlines in 2013 after it emerged he has accidentally thrown away a computer hard drive containing 7500 BITCOINS
China Has it All
China owns about 60% of bitcoin has power, meaning they mine about 60% of bitcoins.
Versatility of its Wallet
Bitcoin is not just confined to online wallets.There are several hardware and paper wallet that you can use to store your coins.
Fiat Vs. Bitcoin
Bitcoin may overtake fiat in future as the currency gains more exposure in the coming years.
Blockchain-based
Bitcoin blockchain is a public ledger and can be accesed by anyone on the network,making the whole transaction process more transparent.
No one knows!
Satoshi Nakamoto the known creator of Bitcoin is a mysterious legend. No one knows if he or she is an single person, organization or a computer experts.
Biggest Amount of Bitcoin
January 03,2018 Satoshi Nakamoto owns $16.5 BILLION in bitcoins.
How?!
Bitcoin transaction can be send using emoji as well(how? Well there are some further explainations regarding to that)
Max Amount
There only going to be 21million bitcoins at max.Once the limits is reached, we wont be able to mine any new bitcoin.
No refunds
Refunds are not possible to bitcoins.
Satoshi
Bitcoin transactions are measured in satoshi/byte 1satoshi is equal to 0.00000001 bitcoin
Powerful Network
Bitcoin network is more than powerful than 500 supercomputers.
Accepted in Japan
Since april 1,2017, bitcoin is a legal payment method in japan.
First Cypto?!
Bitcoin was the first world cryptocurrency and it still leads the market.
First product to buy with Bitcoin
The first ever Bitcoin transaction was the purchase of 2 pizzas, with 10,000 bitcoin by Hanycz on May 22,2010, a situation that will most likely be an,”Had I known”case, owing to the current value of bitcoin. This transaction is also known as the “The most expensive food ordered in history.
Does not Exist
Bitcoins don’t physically exist.The image of coins we see all over the internet is just a place holder.Inreality, Bitcoin only exist in form of computer code and has no physical existence
Accepted in Merchants
There are some weird things that can be purchased with bitcoin, since the seller accepts it as mode of payment.Some of them include:a pocket cannon,a goat, a webcam and some other things.
Its total price
As of January 2018, around 16.7million of Bitcoin are in calculation.The maximum can be 21Million(3).
Its small rate
Satoshi is the small of unit of bitcoin, thus being the smallest denomination with which trasaction can be carried out. This name wa reference to its originators Satoshi Nakamoto.
Has ATMs
Bitcoins ATM are are now available worldwide, with the United States having more ATM’s than all countries in the world combine. Currently, there are more than 2000 in the United States alone.
Digicash before Bitcoin
Bitcoin is not the first cryptocurrency. The first was Digicash, which was founded years before Bitcoin came into existence. It was created by David Chaum in 1989. Digicash was also based on cryptographic protocols, what wasn’t popular.
Large transaction Fees
Bitcoin is a bit useless when it comes to making smaller transaction currently transaction fees are paid per byte, which means small transaction may end up costing more than the value of transaction.
Estimated Stocks in 2140
The estimated year that the last bitcoin will be mined will be in 2140, based on the Bitcoin block having a dividing frequency of four year.
Don’t forget to like and leave your opinions and reactions to Bitcoin or try to answer these questions. If you have atleast 1Bitcoin, what things you will do to your bitcoin? If you are given a chance to create your cryptocurrency, how do you call it? How much its value in real world money? Let me know in the comment section.
