What is Bitcoin?
Bitcoin is a new currency that was created in January 2009. Here in bitcoins, transactions are made with no middlemen and banks. Not only this, here the transactions are also free from any fees without any need of providing your real name.
Soon after its creation, it’s presence and uses in the world has increased quite to a strikingly large extent. It is also beginning to take on a more physical form including both the form of a cryptocurrency and digital payment system. It is then quickly becoming an influencing, powerful and attractive economic force due to its awesome transaction functionalities amongst various merchants in various nations.
Here is what no one tells you about bitcoin. We have curated and brought you a list of the top amazing and mind surprising facts about bitcoin. Check out the top selected facts related to bitcoin.
1. The inventor of Bitcoin is a mystery.
Nobody knows who is the inventor of this famous cryptocurrency. The inventor of Bitcoin is still unknown and remains a mystery. No one knows his identity, his real name and where he lives.
Since its advent in January 2009, the founder of Bitcoin is speculated to be someone known as “Satoshi Nakamoto.” As of 2017, he owns up to one million bitcoins estimating a total average value of $2.7 billion.
Some even suggest that Samsung, Toshiba, Nakamichi, and Motorola together created Bitcoin.
The creator’s name “Satoshi Nakamoto” is assumed to be derived from,
- Samsung and Toshiba —- Satoshi
- Nakamichi and Motorola —- Nakamoto
Thus, the creator of Bitcoin, Satoshi Nakamoto still remains a mysterious figure.
2. The number of bitcoins in circulation will never be more than 21 million.
The processes using which bitcoins are generated digitally is known as Bitcoin mining. A pre-defined schedule has to follow the algorithms and processes in mining a limited number of bitcoins.
Bitcoin uses a bitcoin generation algorithm which defines the creation, currency rate and value of each. It is created when a user discovers a new a file that contains permanently recorded (read-only type) transaction data.
It is interesting to know that the rate of a new transaction file is adjusted every two weeks to ensure that an average of only six blocks is created per hour. As a result, the number of bitcoins in existence will not exceed 21 million.
3. If you lose a bitcoin wallet, you will lose all your bitcoins forever.
Bitcoins are saved digitally in a highly secure storage wallet. But, do you that if you lose your wallet, your bitcoins are lost forever.
It’s also almost impossible and for any person to use your bitcoins from your wallet until and unless you give it to them and allow for the cause. Also, if you have a bitcoin address, you can see the number of bitcoins the owner has.
It should be also noted that the bitcoins in the wallet may still be in existence. But, they will be of no longer able to be spent, if you lose the wallet. There remains a unique key to each bitcoin and so if they’re lost with a wallet, then they are bound to be removed from circulation forever.
4. Bitcoin can’t be banned.
Bitcoin works outside the jurisdiction of the traditional banking system. However, the actual design, functionality, and working of bitcoin are such that it can’t be banned but can only be regulated. As long as you have a Bitcoin wallet, you remain engaged with Bitcoins.
Some countries have made Bitcoin an official legal tender and are regulating it while other countries are not so clear about their policies regarding cryptocurrencies.
5. Bitcoin network is much powerful than supercomputers.
According to the experts’ assumptions and analytics, Bitcoin networks has a computing power of 2,046,364 Pflop/s. It is so much that if you calculate the combined computing power of the 500 most powerful supercomputers then the combined power remains only of 274 Pflop/s.
6. The pizza was the first thing purchased using bitcoin.
The first transaction using Bitcoin was done to purchase two large, Papa John’s brand pizzas for as many as 10,000 bitcoins. That amount is now worth $27 million, as of December of 2017.
This transaction took place between Satoshi and Hal Finney in the year 2009, for buying pizza worth $25.
7. If you had invested $100 in Bitcoin in 2010, it is worth $72 million now.
Ever since it was founded in 2009, the value of bitcoins has been increasing quite exponentially. Today, as of December 2017 a single bitcoin is worth around 17379.94 US Dollar.
If you would have bought $100 of bitcoins in that of 2010, you would have made $72 million approximately as of December 2017.
There also follows an interesting incident by a Norwegian student, Kristoffer Koch, while writing a thesis on encryption. He eventually invested 150 kroner ($26.60) in 5,000 bitcoins in 2009 which he forgets later on. Until the time when Bitcoin became a widely covered topic in the media in 2013, he gradually checked his wallet and found his 5,000 bitcoins there. the shocking news here is that at that time they were worth a 5 million kronor ($886,000).
The future of Bitcoin is bright. The transactional use of Bitcoin itself as a protocol will evolve at a much faster rate than of now in the very near future. It will be more streamlined in the upcoming days.