Bitcoin and the other cryptocurrencies have been the talk of the town for quite a while now. Introduced in 2009, Bitcoin has since become the pioneer among the 5000 different varieties of cryptocurrencies available in the market. Holding on to the front runner title in the sea of competitors is not an easy feat.
Let us look at some of the known and unknown facts:
- Bitcoin was first introduced to the world through a whitepaper published by Satoshi Nakamoto in the year 2008. Satoshi Nakamoto is officially known as the creator of this cryptocurrency. But the identity of this genius remains a mystery to the public to date. Over the past decade, many theories and rumors sprung out about the status of Satoshi. But for all we know, he/she or they wish to remain anonymous and do not want the world to be on their tail for apparent reasons.
- Satoshi is also a smaller denomination of bitcoin. 1 Satoshi byte is worth 0.00000001 Bitcoin. But it is not the smallest unit, unlike the popular belief. Satoshi can be further divided too. The team Millisatoshi(MSAT) exists, which is about one-thousandth of Satoshi.
- Many believe that Bitcoin was the first of its kind. But, before BTC, there were “Digicash” by David Chaum and Adam Back’s “Hashcash,” to name a few are Bitcoin’s forefathers. Most of them were created in the ’90s but did not gather enough momentum to sustain.
- Bitcoin has been declared illegal, and many governments have tried to ban the currency from being used. Countries like Pakistan, Afghanistan, Algeria, Saudi Arabia, and a few others have prohibited cryptocurrencies due to a lack of regulations and possible financial hazards. But it should also be noted that countries like India, Iran, and Venezuela seem to have turned a leaf on the ban they had announced earlier. The crypto communities in these countries feel optimistic about the change in the scenario though it is too early to rejoice.
- The USA, Canada, Japan, Australia are a few of the Bitcoin-friendly nations. The trade and exchange of BTCs are more comfortable in these markets, as many businesses have welcomed cryptocurrencies with an open heart.
- The most important thing to understand about Bitcoin is how it is created, produced, or made. The term to remember is “Mining.” This mining does not involve people covered in dirt and ash, working deep down in tunnels. The only common factor is that this is hard work too. Learn how to safely earn cryptocurrency so you won’t miss out on another spike in the price of crypto coins.
Every transaction that is recorded in the blockchain needs to be authenticated or verified – to make sure no one cheats/hacks or a duplicate is not made- to ensure it is secure and accurate. It is done by “miners” who sift through the blocks- complex math problems- and authenticate them. They are rewarded in Bitcoins.
- Though there is no practical limit for Bitcoin transactions, Blockchain technology’s complex process affects the speed of the sales. On average, about seven transactions happen per second, whereas more than 1700 credit card transactions can be made in the same amount of time. It is because of the insane amount of computing technology and power required to maintain the functioning.
- Bitcoin transactions are irreversible, unlike traditional bank fund transfers. Money transferred via banks are traceable and hence can be reversed. But once a bitcoin transaction is made, it can only be refunded by the recipient but not modified.
- The first-ever purchase using bitcoin was made to purchase pizza. On May 22nd, 2010, Laszlo Hanyecz, a programmer from Florida, traded 10,000 BTCs for two Papa John’s pizzas. It cost about 41 USD.
- Bitcoin has its ATMs around the world. There are more than 8900 such ATMs globally. Approximately 83 percent of them exist in the USA. These ATMs enable BTC users to buy, sell, and trade-in Bitcoins more efficiently.
- Bitcoins are limited. Bitcoin was designed with a limit of 21 million, around 17 million exists already. It is estimated that the last of the BTCs will be mined in 2140 approximately.
These are a few features that set this digital currency ahead of its peers.