Bitcoin – you’ve heard about it, but what on Earth is it? It’s a disruptive currency that’s changing the way we trade online. Could cryptocurrency h the future of all transactions, period?
Listed below are some of the most interesting facts about Bitcoin that you should familiarise yourself with:
1. What exactly IS Bitcoin?
Bitcoin is the original decentralized cryptocurrency and remains the largest among all other digital currencies.
2. No one knows where Bitcoin originated.
The founder of Bitcoin is still unknown. They use the name Satoshi Nakamoto as an alias to hide their true identity.
3. How does Bitcoin emerge?
Bitcoin is created through mining on the Blockchain.
4. It has skyrocketed in popularity.
Today, it stands at several thousand dollars – depending on when you’re reading this, of course – but Bitcoin was worth approximately $0.003 when launched.
5. It has a birthday of sorts.
6. The puzzle needs cracking.
There have been hundreds of theories that have attempted to solve the mystery of Bitcoin’s originator. Considering the name Satoshi Nakamoto, some claim that Motorola, Samsung, Nakamichi, and Toshiba have created it together: Samsung, Toshiba, Nakamichi, Motorola.
7. You can split BTC up!
The smallest monetary unit of Bitcoin is known as ‘satoshi’. (cent/dollar, paisa/rupee) However, a satoshi can be further divided up to 8 zeros.
8. Bitcoin will end in around a century.
Bitcoin is not infinite. Around 80 percent of total Bitcoin that will ever exist have already been mined. Its believed the currency will be exhausted by the year 2140.
9. It’s not been immune to crime.
In an unfortunate overflowing incident following an error on one of the block numbers, a few hackers managed to generate about 184 billion BTC. Soon after, the mishap was taken care of with an updated version of Bitcoin.
10. You can pay with Bitcoin in all kinds of places.
11. Once it’s moving, it’s moving.
All BTC transactions can be seen on the Blockchain and none of them can ever be reversed or refunded.
12. Once it’s gone, it’s gone.
Bitcoin is secured in a digital wallet. If you lose the key to your wallet, you can end up losing all your BTC.
13. There’s no bans on BTC.
Bitcoin isn’t bannable – it has no regulatory links. However, different countries have different views on the currency.
14. Privacy is key here.
Bitcoin addresses contain 34 alphanumeric characters. In a transaction, the identities of the payer and the receiver remain hidden.
15. Legality remains shaky.
Sometimes, Bitcoin is used for illegal transactions. Countries such as Bolivia and Thailand have made several attempts to ban the currency.
16. Its value has spiked over the years.
In the record-breaking year 2017, Bitcoin doubled in value.
17. That’s a record-breaking purchase!
The largest Bitcoin transaction has been reported to be 194,993 BTC which is worth around $200 million USD today.
18. The FBI owns stacks of Bitcoin.
The Federal Bureau of Investigation (FBI) in the United States owns 1.5% of the world’s BTC.
19. Don’t underestimate the power of Bitcoin!
Bitcoin is super-powerful! The computing power of the Bitcoin network is 8,000 times stronger than the world’s top 500 supercomputers.
20. You can withdraw Bitcoin!
There are actual Bitcoin ATM’s worldwide. The U.S. alone has over 2000 Bitcoin machines where you can purchase BTC using a debit card or cash.
FAQs about Bitcoin
Can you legally invest in Bitcoin?
That all depends on where in the world you are. In many cases, banks don’t see Bitcoin as legal tender - and many are hesitant about it due to the lack of regulation. Check with your individual portfolio manager.
Can a single Bitcoin make you a millionaire?
It’s not impossible. However, Bitcoin is famously volatile, which means that the value goes up and down regularly.
When’s the best time to invest in Bitcoin?
Bitcoin’s history is a shaky one - the spikes are high and the dips are low - therefore, there’s really no good or bad time to invest. Tread carefully!
Do you know any fun facts about Bitcoin? Share them in the comments below!