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What is Bitcoin ? Top 10 Interesting Facts about Bitcoin

bitcoin is volatile

Top 10 Interesting Facts About Bitcoin

Bitcoin- Bitcoin is a cryptocurrency (currencies which are generated by computer codes) and worldwide payment system, was developed by a group of people under the name Satoshi Nakamoto and launched as an open source software in 2009. It is the very first decentralized digital money, as the technique works without a central database or sole administrator. The payment system is peer-to-peer, and transactions take place between users directly, without a mediator.  These money transactions are validated by network nodes and recorded in a public allocated ledger called a blockchain.

Bitcoins are invented as a reward for an activity known as exploration. It can be exchanged for other foreign currencies, goods and services. As of Feb 2015, over 100,000 suppliers and vendors approved bitcoin as the payment system. Bitcoin can also take place as an investment.

Here Are Top 10 Interesting Facts About Bitcoin

10. The First Bitcoin Purchase Was For Pizza

The First Bitcoin Purchase Was For Pizza-min

On 22 May 2010, 7 years ago on this day, someone bought Piazzas with bitcoins and this purchase was a big deal because no one was accepting bitcoins at that time for goods and services.There were 2 Papa John’s Pizzas were exchanged by Laszlo Hanyecz for 10,000 BTC. This was the very first official documented the purchase of goods using bitcoins.

9. The founder of Bitcoin is unknown or mystery

The founder of Bitcoin is unknown or mystery-min

There have been several rumours about who the father of Bitcoin is.

The Bitcoin whitepaper was created open to the public under the pseudonym of Satoshi Nakamoto. The  identification of the person name Satoshi is however a mystery, yet to be solved. Some suggest that Toshiba, Samsung Nakamichi, and Motorola together invented Bitcoin.

8. There Are No Sender Or Receiver Details

There Are No Sender Or Receiver Details-min

In Bitcoins, all transactions are connected to block chains; where addresses are a string of 34 alphanumeric characters, and users have single portfolio IDs. Since it’s impossible to resolve the recipient, most of the illegal transactions are carried out using this cryptocurrency.

7. If You Lose Your Bitcoin Private Key, You Lose Your Bitcoins.

If You Lose Your Bitcoin Private Key, You Lose Your Bitcoins-min

Without the private key, the money is lost forever no one can use them. Until this point in time, it is estimated that approximately 25% of all bitcoins have been forever lost. At present, the worth of 7,500 BTC is about $19.4 million.

6. Bitcoins Don’t Grow On Trees.

Bitcoins Don’t Grow On Trees.-min

Bitcoins also don’t grow on trees. Bitcoins are mined on the blockchain network, and They come into subsistence when miners successfully mine Bitcoin blocks. At present, the mining power of Bitcoin’s network is 300 times powerful than the world’s top five supercomputers combined.

5. There Is A Finite Number Of Bitcoins.

There Is A Finite Number Of Bitcoins-min

Bitcoin’s provide is finite. There will only ever be 21 million bitcoins. At present, 16.3 million have already been mined and are being the deal. The last bitcoin will be mined in 2140. After that, no new bitcoins can be mined.

4. You Can Send Money With Little To No Fees

You Can Send Money With Little To No Fee-min

If you want to send money to one country to another country you’d likely have to pay bank transfer fees, currency conversion fees and more. Moreover, you may have to wait few days for a process, before money is available. But with bitcoins, there are little to transaction fees and the fund is available almost instantly.

3. You Can Mine Bitcoins

You Can Mine Bitcoins-min

Mining bitcoins is a term that actually means you are using a computer program to solve mathematical problems to verify various transactions in the entire world. Bitcoins miners then get paid certain numbers of bitcoins for solving those problems.

2. Bitcoin Is Volatile

bitcoin is volatile

Bitcoin has become an important phenomenon in the digital era. However, the worth keeps fluctuating and is unstable.

1. You Can Buy A Lot Of Stuff With Bitcoin

You Can Buy A Lot Of Stuff With Bitcoin-min

People always ask what you can buy with bitcoins.Bitcoins may sound a bit ridiculous at first, but it’s actually a real currency used to purchase real things. Here is a variety of the goods and services offered: Space travel with Virgin Galatic, Order food with Bitcoin, Coffee at Starbucks, E-commerce with, Funeral items in the US, Book a flight for BTC, Buy a Tesla Car.

The use of bitcoin or any cryptocurrency for that matter is the privacy and the secrecy it provides. Though the payment data is public, the identification of events in the dealings in never exposed. Thus, apart from being a choice for creating a transaction anonymously, it also draws money launderers and tax evaders.

If you know more interesting facts about Bitcoin that have missed in this article, then write in the comments box.


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Priya Singha
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