Bitcoins have been a new normal in the market nowadays with a vast number of retailers, wholesalers, and service providers ready to accept Bitcoins as a medium of exchange for both national and international transactions. So, we are going to present forth you seven incredible and exciting facts about Bitcoins that you must know!
1- The Unascertained Inventor of Bitcoin
Who is the owner of Bitcoin? No one knows. It is still an undisclosed secret that has not unfolded itself. A website like businesses.com.au will make you a perfect trader.
The person or group of people who created Bitcoins used a false name for their identity i.e., “Satoshi Nakamoto.” Many people tried to take advantage of such a situation by conspiring to present themselves as inventors of Bitcoin, such as an entrepreneur from Australia named “Craig Wright.”
Some theories propose Samsung, Toshiba, Nakamichi, and Motorola as the group of inventors of Bitcoins.
However, I believe that one day this mystery will be solved, and we will be able to identify the real inventor of Bitcoins.
2- Bitcoins cannot be outlawed
As the Government and other authorities have little or no control over Bitcoins, the Governments of many countries like Bolivia, Thailand, Bangladesh, and many more to the list attempted to outlaw Bitcoins in their countries.
As long as a person has a Bitcoin Wallet, functional internet connectivity, and a good PC, Bitcoins can be used.
The good news is, that Bitcoins can be regulated; thus, governments of certain countries like Australia, Japan, Russia, etc. where Bitcoin is legalized.
India still doesn’t have a clear policy regarding Bitcoins and other such currencies.
3- The total number of Bitcoins that can be created is limited!
It was quite difficult to digest this fact at first. The total number of Bitcoins that can be mined is 21 Million. Out of 21 Million, 17 Million Bitcoins have already been extracted. Only 4 million are left.
No one knows what will happen after all these Bitcoins are mined.
Value Overflow Incident: On 15 August 2010, a total of 184.467 billion Bitcoins were created by a hacker. It could have led to the quick downfall of Bitcoins. Satoshi Nakamoto took care of the value overflow incident within 3 hours and created a new version of Bitcoins. (This is used by us today)
4- Sender’s & Receiver’s information is kept confidential
All the transactions recorded in Bitcoin show the Wallet ID No. of the Sender and Receiver. The rest of the personal details like name, address, etc. are kept confidential.
This makes people involved in illegal transactions more prone to use Bitcoins as a medium of exchange as their chances of being traced are minimal.
5- Smallest Unit of Bitcoin
The smallest unit of Bitcoin is a Satoshi, just as the smallest unit of INR is the paisa, and that of USD is a cent. The smallest unit of Bitcoin is named after the mysterious creator “Satoshi Nakamoto.”
The smaller denominations of bitcoins can be understood as follows:
1 BTC = 1000 mBTC = 1,000,000 μBTC = 100,000,000 satoshis
where BTC= Bitcoins; mBTC=Millibitcoins; μBTC= Microbitcoins
This step was taken to make sure that day-to-day transactions to buy and sell commodities could be made more accessible, and Bitcoins could be accepted as a medium of exchange in people’s lives.
6- Powerful Network
To obtain bitcoins, miners mine blocks by solving higher-level arithmetic calculations with the help of powerful computers. It usually takes 10 minutes to mine a block. The miners get some amount of bitcoins as a reward for mining a block.
The network of Bitcoin is so powerful and robust that its mining power is 300 times more powerful than the combined power of the most powerful supercomputers in the world.
7- The first-ever purchase made by Bitcoin was Pizza
May 22 is celebrated as Bitcoin Pizza Day to commemorate the first-ever purchase made in exchange for Bitcoins.
A person named Laszlo Hanyecz purchased two Papa John’s Pizzas for 10,000 BTC on May 22, 2010.
So, these were 7 Incredible and Interesting Facts about Bitcoins that you must know! With cryptocurrencies slowly blending into our economy, we need to know about them.
Which one was the most amazing and unbelievable for you?