Important Things You Didn’t Know About Bitcoin
Compared to the other cryptocurrency platforms out there, Bitcoin stands out. It is the only cryptocurrency that was used by a wide range of people around the world. But, even though you already used or continue using apps like this software, there are still some essential things you didn’t know about it.
The following are some of the Bitcoin facts that will enable you to create a bigger picture and knowledge about the number one cryptocurrency platform. So, if you want to know more about it, then keep on reading and enjoy!
The Mysterious Creator
Way back 2009, Bitcoin was launched to the world by an individual or a group who preferred to be called as Satoshi Nakamoto. Late in 2010, the creator vanished and never heard about them until now. Just like its mysterious identity, no one knows whether the creator is still alive or already dead. Through forums and emails are the two methods used by the people to connect with the creators.
The creator is considered to be one of the richest individuals around the globe, considering that they have a Bitcoin wallet with an amount of more than 980,000 Bitcoins.
Losing Bitcoins
When you lost your private key or Bitcoin address does not mean that you already lost your identification. It does not also mean that you lost all the Bitcoins stored in your wallet. According to various researchers, there is more than 60 percent of ghost Bitcoin addresses. This means that many people who use Bitcoins lose their Bitcoin address.
The Satoshi
The smallest Bitcoin unit is called a satoshi, as a sign of respect to its creator. Way back 2019 April 11, one satoshi is equal to 0.00005 US Dollars. Bitcoin had a low-value last year. To generate one Bitcoin, 100,000,000 of satoshis are required.
Limited Number of Bitcoins
The number of Bitcoins exists only limited to 21 million. At the time of writing, there is an approximate number of 17 million Bitcoins circulating. This means that more than 80 percent of the overall Bitcoin number is mined already by the different users. But, there’s nothing for you to worry since the remaining 20 percent can still last until 2140. Bitcoin rewards the miners with about 12 bitcoins for every block that is being added to the network.
Faster than Supercomputers
The Summit is the fastest supercomputer that exists in the world that works at approximately 122.3 petaflops. If you are going to look at the network of Bitcoin as a whole, it processes the transactions at 80,704,290 petaflops. Compared to the supercomputers that can perform multiple purposes, the Bitcoin network only works in adding various blocks.
The Power of “B”
Bitcoin differs from bitcoin. “bitcoin” refers to a crypto being used to making different transactions. On the other hand, “Bitcoin” refers to the ledger used to keep all important details about the transactions.
Bitcoin Ban
Even though America, Canada, and some countries in the world, already use Bitcoins for different transactions, others still have not. Some countries banned the usage of Bitcoin, including Ecuador, Bangladesh, Iceland, Bolivia, and many others.
Conclusion
Bitcoin is a good form of investment. While using it, you need to be responsible for every decision and transaction you will make. Before you invest in this cryptocurrency, it is important to do your research. We hope that you enjoyed the new discoveries we provided above about Bitcoin. Using bitcoin requires a lot of responsibilities and effort, so you need to use it carefully and properly. If possible, you need to read and watch some reviews about using it as a source of income before you invest your money.
