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7 Shocking Bitcoin Facts | Bitcoin Facts You Must Know

Bitcoin

7 Shocking Bitcoin Facts | Bitcoin Facts You Must Know

Bitcoin is the undisputed king of the crypto currency world as we all. We saw a huge surge in Bitcoin’s price in 2017 and since then the it has been on a never ending spiral of rise and fall.

Many people took the opportunity to invest in it while many think of it as the biggest bubble of the decade. Not everyone seems to have bought the idea of a crypto currency world but whether you believe in it or not, you must check out these 7 Shocking Bitcoin Facts :- 

1. Nobody Knows Who Invented Bitcoin

You must be surprised to know that there is no Official inventor of Bitcoin known publicly! Bitcoin first emerged in 2009 and since then no one knows truly but there are many speculative theories out there.

Anonymous Bitcoin

The Bitcoin was made open to the public by the pseudonym of Satoshi Nakamoto. His identity is a mystery till this point of time.

Many people came forward claiming to be the founder of the great Bitcoin, but all the claimants are scammers and there is no truth to their statements. So technically, Bitcoin is still a mystery.

2. First Bitcoin Transaction Was to Buy a Pizza

Pizza Bitcoin

May 22 is celebrated as Bitcoin Pizza Day. Yes! You got it perfectly right. On May 22 2010, the first commerical transaction ever with Bitcoin was a Pizza purchase.

these initially were almost worthless and it costed just a few cents to buy 1 Bitcoin. It was selling at throw away prices when it was invented.

Buying a Pizza with Bitcoin was a really big deal as no one would accept it as a payment method back then. Only a handful of tech enthusiasts knew about its existence.

Two pizzas from Papa John’s were purchased on 22 May 2010 for a whopping 10,000 Bitcoin. At that time, 10,000 Bitcoin were worth only $41.

3. There Can Only be 21 Million Bitcoins

Bitcoin’s supply is limited unlike any other currency in the world.

It’s structure is defined in such a way that there can only ever be 21 Million Bitcoin in the world.

At present, 17 million have already been mined and are being traded. The last bitcoin will be mined in 2140. After that, there can’t be any more created.

4. Can Not Be Banned

No Ban Bitcoin

Due to the controversial nature of bitcoin, many people wonder whether it can be banned or not. However, there is almost no possibility of it ever getting banned because it works outside the jurisdiction of law and it is not governed by any authority.

However, the core structure is such that it can’t be banned, only regulated by authorities. As long as you have an internet connection and a Bitcoin wallet, you can transact with bitcoin.

Many countries have tried to ban it, such as Bangladesh, Bolivia, Thailand, and Vietnam. But there are some countries like Australia, Russia, Japan, and Venezuela which have made Bitcoin an official legal tender and are regulating it.However, some countries like India and even the USA are unclear of their official policy regarding cryptocurrencies.

As much as they try, Bitcoin can’t be pushed away just because it threatens the financial power structure. This is the real power in Bitcoin.

5. Bitcoin works in a Public Ledger System

When making any transactions with it, your personal information is not stored. However, the public address associated with your account is open to the public and anyone can see your Bitcoin transactions.

The Bitcoin blockchain is a Permanent Public Ledger which is transparent. If anyone knows your Bitcoin public address, they can see how many of them you hold and what transactions you have made.

6. Your Lost Bitcoins Can’t Be Recovered

James Howells, an engineer, lost 7,500 of them in November 2013. While he was cleaning his house at home, he threw away his hard disk containing the private keys of bitcoins which he had mined in 2010.

The realization dawned on him when he read news of a Norweigan man who made a fortune by buying BTC at a low price.

He searched every possible corner in his house, but could not find his hard disk.Without the private key, the funds are lost forever and no one can use them. It is estimated that as much as 25% Bitcoins today are lost forever and can’t be recovered.

Bitcoin is Intangible-Digital Currency

Digital Bitcoin

Bitcoin is a completely digital currency. Unlike traditional paper money, you can’t touch, feel, or print a bitcoin. Bitcoins are mined on the blockchain network, and they come into existence when miners successfully mine Bitcoin blocks by solving complex calculations.

At present, the mining power of Bitcoin’s network is 350 times more powerful than the world’s top 5 supercomputers combined. And yet every year, it just gets more and more difficult to mine the bitcoins since the power and processing required to solve the calculations increases.

Conclusion

Bitcoin is considered the next breakthrough in technology after the internet boom. Bitcoin’s structure has further lead to many other fields adopting the blockchain technology to simplify their operations such as financial sector.

also read: Artificial Intelligence And Journalism

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