From the past one year, Bitcoin is reaching all new heights and is worth getting popular among people. Also known as the king of cryptocurrencies, Bitcoin is a decentralized peer-to-peer payment network that verifies the transactions among users without any third party. Continuing the discussion, here is a blog post that discusses nine facts that you need to know about Bitcoin. Take a look.
- 22nd May = Bitcoin Pizza Day
On 22nd May, Bitcoin enthusiasts celebrate the Bitcoin Pizza day with two programmer fuel in regard to Bitcoin’s first tangible transaction. In the year 2010, when Bitcoin was not even a year old, Laszlo Hanyecz (programmer) paid 10000 BTC to a Bitcoin user in order to get two Papa John’s pizzas. Today, those pizzas’ value is above 17 million dollars.
- Bitcoin Creator is Anonymous
In 2008, a PDF or whitepaper describing the Bitcoin work process was posted in a group by a pseudonym called Satoshi Nakamoto. The document was of nine pages, excluding the last page and was totally accessible. This captured the cryptocurrency community and it described the system quickly.
From the day of inception, no one has any idea about Satoshi Nakamoto. Whether he/she is alive, dead, or anyone simply lost its private key and feeling embarrassed in admitting the same.
“The work of Satoshi Nakamoto seems more and more like an act of generosity and genius”
The best explanation is Bitcoin is a truly decentralized digital currency that do not have any leader. The bitcoin do not involve any government, bank, or any other central authority.
- 21 Million BTC Exists on the Network
Unlike fiat currencies backed by government that are printed and has no fixed quantity, the Bitcoin market cap is fixed. There are around 21 million Bitcoins that already exists on the network. A user can get rewarded with new bitcoins and that come into existence. Till now, around 80% of the bitcoins have already been mined. And this is one of the major reasons because of which bitcoin price is skyrocketing day by day.
- Mining can Heat OurS Homes
In the beginning, Bitcoins was easy to mine as it can be mined on the laptop. However, with the time and changing technology, the special hardware with dedicated processors took the place and became a feasible option to mine Bitcoin. If a user or an individual have cooling systems, ASIC (Application Specific Integrated Circuits) hardware, and cheap supply of electricity, he/she can easily mine Bitcoin.
“We may in the future be able to buy ASIC heaters from B&Q to secure the world’s financial systems”
According to Zach (Bristol-based cyber security expert), “Satoshi Nakamoto never though that Bitcoin will become a profitable business. It was meant to fund the businesses well; however now it is reaching new heights. The ASIC price became affordable as all the advantages of Bitcoin are exploited. ASIC heaters can be bought from B&Q in order to secure the financial systems of the world at 21 Degree Celsius”.
- Bitcoins Don’t Exist
As in every bitcoin story, bitcoins images are depicted that are not the truth. It is a just a way of showing it. Bitcoins do not exist as physical coins. A bitcoin user Casascius made a project of these coins in 2013. In the project, each Bitcoin consists of a paper piece with a hologram protecting this private key. The present was too much bling and from that day paper wallets have been made for Bitcoin.
- Pick Any Wallet
Golden looking paper coins are one of the ways to store Bitcoin; however, if you really want to use Bitcoin for the transactions, then you need an online wallet. There are various websites that provide online wallet to store Bitcoins. In addition, there are free smartphone wallet apps available on mobile phones and laptops with security features that offers a fast speed with prudence. Therefore, do not want and get started with an online wallet. Plus, you can have multiple wallets if you want.
- Send Bitcoins Via Emoji’s
Unlike physical conventional transactions that contain sensitive information, a Bitcoin transaction can be done with emoji’s.
- Use Smartphones in Place of Bank Accounts
Most of the people, around 2 Billion people are unbanked. Countries, namely Ghana are finishing the third party banking and making Bitcoin as primary method to do transaction in between two users. In 2010, it is predicted that smartphone ownership will reach by 6.1 Billion with new netizens.
- Bitcoin Blockchain is not the Only Blockchain
The Bitcoin Blockchain is not only the only blockhain. It is a distributed public ledger that records all Bitcoin transactions from the beginning. A set of transactions create a new block and that is added by the miners in maximum 10 minutes and file size is approximately 120 GB. It can be downloaded through a browser.
“Blockchain and bitcoin are not rival technologies; the former is one integral part of the latter”
A number of altcoins exist in the network, including Litecoin, Monero, Dash, Ethereum, Zcash and they all have their own blockchain.
The Bottom Line
If you are planning to invest in Bitcoin, then the above-listed things can really helpful for you. As Bitcoin has a great potential to grow at a fast rate with the latest technology. So you can invest in it and earn profits on ROI.