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5 Things You Didn’t Know About Bitcoin

Bitcoin is the best-known cryptocurrency platform around the world, but there are some things about it you still may not know. Let’s have a look at some Bitcoin facts and figures to give you a fuller picture of this popular blockchain-based cryptocurrency.

1. The Mysterious Creator

In 2009, a person or a group of people known as Satoshi Nakamoto introduced Bitcoin to the world. He (or they) vanished off the Internet in late 2010, and he hasn’t been heard from since. Just as his identity is shrouded in mystery, nobody really knows if he’s even alive or dead. The only communication people had with him was through emails and forums.

His Bitcoin wallet holds around 980,000 bitcoins, which makes him one of the richest people on the planet.

2. The Satoshi

As a sign of respect for Bitcoin’s creator, the smallest unit of a bitcoin is known as a satoshi. One satoshi is valued at around 0.00005 U.S. dollars (as on 11th April 2019), which is a very, very low value. To make one bitcoin, you need approximately one hundred million satoshis. According to current bitcoin values, which fluctuate a lot, to make a dollar you need close to 15,800 satoshis.

3. Losing Bitcoins

Losing your Bitcoin address, which is also known as your private key, not only means losing your unique identification; it also means losing all the bitcoins in your wallet. Research shows that at least 60 percent of all Bitcoin addresses are ghosts, which means a huge chunk of the people using Bitcoins have lost their addresses and have no way to access their wallets.

4. Processing Power

The process of mining bitcoins is expensive; you pay a lot in money, time, and electricity. Mining bitcoins requires servers used for that specific purpose. The faster you process the data, the faster the block can be added to the blockchain, and the faster you’re rewarded with bitcoins.

5. Bitcoin Ban

Although several countries around the world, such as Canada and America, have wholeheartedly accepted Bitcoin, some haven’t. Countries including Bolivia, Iceland, Bangladesh, and Ecuador have completely banned the usage of bitcoins. There are also countries, including India, Thailand, and Iran, that have asked their residents to be careful while using cryptocurrencies but haven’t completely banned it—however, they do not accept it as legal tender.

Harsh Vardhan

Adventurer•Blogger• Foodie• Gadget Freak•Contact -admin@mrsocialkeeda.com

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