7 interesting facts that you should know about bitcoin!
No matter whether you are active on the internet or not, you must have heard about the term bitcoin. People across the world are firmly putting their opinions and views about bitcoin and are trying to know whether it is true or not, legitimate or not, and its benefits to society. The discussions and opinions made about bitcoin are entirely meaningful as it helps to understand what people think about bitcoin. Other than the discussions, it is obvious that bitcoin is going to trend and is not a fraud.
People must gain knowledge and be well-educated about bitcoin and other cryptocurrencies by visiting attentiontrust.org. It is important to understand the facts of bitcoin before entering into the world of cryptocurrencies.
Let us understand the facts about bitcoin:
Who created bitcoin?
A person or a group of people named Satoshi Nakamoto worked on the idea of creating the bitcoin system. After providing bitcoin paperwork, Nakamoto got disappeared in 2011, and there are only a few clues left about bitcoin. After the invention of bitcoin, numerous people claimed to be Satoshi but failed to prove their statements. A person from California named Dorian Nakamoto was provided with the bitcoin creator’s title as there were similarities between Satoshi and Dorian. But the Dorian Nakamoto himself disproved the claim.
What is the total number of bitcoins present?
This is the most important fact that investors must know that there is a limited amount of bitcoins available. At the time of the invention of bitcoin, the creator of it only created 21 million bitcoins. At this point, more than 16 million bitcoins are in movement. But more and more bitcoins are mined daily.
Which date is celebrated as Bitcoin Pizza Day, and why?
In 2010, on May 22nd, a programmer named Laszlo Hanyecz traded around 10,000 bitcoins for two Pizzas. Buying pizza is known to be a first purchase made using the bitcoins. Therefore, 22nd may is celebrated as the Bitcoin Pizza Day. In 2010, the value of 10,000 bitcoins was near about $41.
If a user loses the private key of bitcoin wallet, they lose their bitcoins.
The bitcoins are virtual, and a virtual wallet is used to store the bitcoins. A bitcoin wallet is a virtual digital wallet on which the user needs to log in and update their bitcoins. The users must be quite careful while storing their key and password. If they lose the private key, then there’s no way to recover the bitcoins, and all bitcoins are lost.
It has been recorded that 30% of the bitcoins are lost, it can either be misplaced, or the computers or laptops have been discarded.
Bitcoin transactions are irreversible.
Unlike the traditional form of payment like bank transfer that can be tracked and even reversed. Bitcoin is the opposite as once transactions are done or sent, and there’s no way back to it. Bitcoin transactions are completely irreversible; not even the creator of bitcoin can reverse the transactions once made. Therefore, before sending the number of bitcoins, double-check all the things and then hit the send button.
Bitcoin transactions are free.
In banks, they charge the transaction fee from the sender, and the receiver also needs to pay to withdraw the cash or asset. This is not the case of bitcoins as whether you need to send or receive bitcoins to and from abroad, they won’t cost you anything. The bitcoin transactions include no middlemen like banks or central authority; therefore, no fee is charged while transferring bitcoins.
Bitcoin’s value is unpredictable.
The bitcoin market is quite unpredictable. No doubt, this is the world’s largest digital currency and has made many investors millionaires, but still, because of its unpredictable market, many people have lost their money. The market analysis has found out plenty of factors that explain the unpredictability of the bitcoin market. These factors include market size, regulation, low liquidity, news events, wealth inequality, and many more.
An amateur, before entering into the world of cryptocurrencies, must know these facts about the bitcoin. Doing complete research on bitcoin can help to learn about its volatile market and make the right decisions.
