10 Interesting Facts About Bitcoin That You Should Know
10 Interesting Facts About Bitcoin That You Should Know: Knowing everything about Bitcoin is a complicated task, is not it? Daily, very curious cases are discovered in various parts of the world among users: from people who have become millionaires by finding security faults, or by selling digital currencies, there is always something new to learn in this environment.
The 100% digital currency was created in 2008 and is starting to preserve after numerous mistrust. Today it is already accepted in e-commerce and in physical stores, such as hotels.
Here in this article, we are going to share 10 things about Bitcoin that you must know.
Table of Contents
Bitcoin
It is the worldwide virtual currency developed by Satoshi in open source and doesn’t submit to any government or financial institution. All transactions performed are stored in an online database and the symbol is ฿ or BTC. Since it is digital, it does not exactly have coins, but fragments.
Satoshi Nakamoto
This is the name of the inventor of the coin. In fact, it is as he is known since the creator never talked to receive the honors. So no one knows if it’s the real name or nickname.
Blockchain
The blockchain is the database that holds the Bitcoin transactions. This is something different from other banks, that the purchases and sales are invisible, in this everything is public. So anyone can see what is being done, which avoids fraud and maintains the clarity of the policy.
Mining
In general, there are two ways to get Bitcoin: buying with real money or mining. It is about mining the network in search of at least one of the 50 blocks fragmented and launched at a time, which is very difficult, but not impossible.
Bitcoin wallet
Some companies organize the buying and selling of the coin as if it were a money exchange. In addition, you can also use them as a kind of bank, protecting the bitcoins at an administration fee of up to 0.5%. Establishments that want to accept the virtual money should also look for them.
Safety
For security, wallets use a unique password for each user and the information is encrypted. However, if you lose your computer or cell phone and do not back up your wallet your bitcoins will be lost. After all, the amount to recover the key is much greater than the value of the portfolio, making it unfeasible.
You Can Also Mine Bitcoins
The process is to use CPUs and GPUs to work on cryptographic equations. Here users need to solve a block that is a hash SHA256 whose result is smaller than the equation, creating the next piece of Blockchain. Whoever gets it wins 25 bitcoins.
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There are more than 12 Million Bitcoins
To date, there are more than 12 million Bitcoins that have been mined decentrally in a competition. There is a deadline of 21 million Bitcoins that can be mined and will avoid inflation in the currency, changing the mining model by transfer fees.
Pizza Was The First Good Thing Purchased Using Bitcoin
The first bitcoin was used to purchase pizza which is worth $25. The bitcoin transaction took place between Santoshi and Hal Finney in the year 2009.
It is Highly Volatile
Bitcoin is slowly becoming the phenomenon in the digital world. The price of bitcoin has seen many ups and downs. Some predictions have been made that claims that the value of bitcoin might fall in coming future if it follows the current path.
What Is Bitcoin And How Does It Works?
Did you find these facts regarding Bitcoin Interesting? Don’t forget to discuss your views in the comments below.
