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Bitcoin is a universal cryptocurrency system that works without a single administrator or a centralized bank. Bitcoin transactions are done directly between users. A public ledger distributor known as a blockchain is used to verify these transactions. Bitcoin can be used in exchange for services or products.
1. Bitcoin creators are unknown
Satoshi Nakamoto is believed to have designed and invented Bitcoin back in 2009. Research reveals that Nakamoto could be a single person or a group of people who created the open source software. The study shows that Satoshi Nakamoto received a nomination in 2015 for a Nobel prize in economic sciences. Other people like Dorian Nakamoto, Craig Steven, and Nick Szabo, among others, are considered to be associated with the invention of Bitcoin.
2. Bitcoin transfers are irreversible
Unlike PayPal, Bitcoin is totally irreversible. Once a transaction is in the blockchain, the money is permanently in the receiver’s possession. It implies that before doing a Bitcoin transaction, you should double check recipient’s address and the amount you’re sending.
3. All transactions are visible
With Bitcoin, all operations are transparent. The transparency is unique and instills tight security and trust among the Bitcoin community. All the amounts and transactions between the sender and receiver are evident in the blockchain. Therefore, it conveys a clear record.
4. Bitcoins are finite in number
Bitcoin mining is the process of generating bitcoins digitally. The system has a schedule that determines the number of bitcoins created. In other words, the amount of bitcoins is limited. The limit is set to 21 million.
5. First Bitcoin purchase was a PIZZA
In 2009, Hal Finney and Satoshi had the first Bitcoin transaction. Later, on May, 22nd 2010, two pizzas were purchased with 10,000 bitcoins. By January 2018, the same amount was worth a whopping $150.7 M.
6. Bitcoin network is outrageous compared to supercomputers
This Bitcoin fact is interestingly insane. The computing power of almost 500 supercomputers that is considered influential yields 274Pflop/s, whereas the computing power of a Bitcoin network is 2,046,364 Pflop/s. It means Bitcoin network is compelling.
7. Once a Bitcoin wallet is lost, everything’s gone!
Bitcoins are stored in your Bitcoin wallet. It can be compared to how you store money in your bank account. You log in to your Bitcoin wallet to check the balance and see the amount you have, and you can perform a transaction while there.
If you lose access to your account, however, it is gone forever. Meanwhile, it is nearly impossible for someone to steal your bitcoins unless she has your login details. We can say it is a secure wallet.
8. Measurement of Bitcoin is in Satoshi bytes
Just like the conversion of dollars to another currency, Bitcoin transactions are estimated by Satoshi/byte. 1 Satoshi is equivalent to 0.00000001 Bitcoin. The measurements were named after the sole inventor of the cryptocurrency.
9. Bitcoin transaction can be done with little to no fees
A Bitcoin transaction can be done entirely free of charge or with minimal cost. The few dollars charged are to motivate the miners to keep at it. This initiative gives Bitcoin an upper hand in the mining industry. Additionally, Bitcoin is fundamentally cheap because sending money to another country via a bank channel you will be required to pay transfer money and the conversion money. Bitcoin is the real deal.
10. Bitcoin set to space
Bitcoin was set to Space in 2016 by a Bitcoin cloud provider called Genesis Mining. It was incorporated by the use of a Bitcoin paper wallet and a 3D Bitcoin model, which were tied to a weather balloon. A GoPro camera was used to record this whole process by focusing on the Bitcoin wallet and model. The team on the ground let it travel 20 kilometers up and then did the paper-wallet transaction. The next space Bitcoin transaction was completed when it reached an altitude of 34 kilometers.
11. Bitcoin cannot be banned
Many countries such as Thailand, Vietnam, Bolivia, and Bangladesh have tried banning Bitcoin because it is a threat to the countries’ financial systems, but the truth is it cannot be prohibited but only regulated. This is why Bitcoin is the currency of choice for a lot of online gambling nowadays, so it’s not that difficult to come across a Bitcoin casino where you can use cryptocurrency in place of “real” money. The above-mentioned countries are hostile towards the Bitcoin technology because it operates outside the traditional banking system we are all used to. But, hey! A little tech does not hurt anyone.
You can use Bitcoin anywhere anytime provided you have a Bitcoin wallet and an internet connection.
12. Bitcoin is used for purchases
Bitcoin is the most efficient and most comfortable way to change money currency without the use of an intermediary. It can be used both locally and globally to purchase products and receive services.
Bitcoin has been considered a technology breakthrough of the 21st century. Since it was launched, it has been proved to be very important in the digital world.
And now for the best part of this post. I am reposting this awesome Infographic from Josh over at Bitcoin Play.
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