Bitcoin is generating an enormous amount of interest from people nowadays, and the reason for this is the exponentially increasing price of this crypto-currency. At this moment in time, Bitcoin is getting more acceptance from those who are familiar with the decentralized system and are willing to use it.
But is it wise to invest in Bitcoin? Isn’t it risky to get involved? If you want to have answers to your questions, have a look at these ten interesting facts about Bitcoin that we have carefully compiled for you.
1. Satoshi Nakamoto is a mystery figure
The person or a group of individuals who designed the concept are hiding behind the name Satoshi Nakamoto. There is a doubt about the real identity of Satoshi: Dorian Nakamoto, Nick Szabo, Hal Finney, Craig Steven Wright and many others have been linked with the pseudonym. As said before, some even think that Satoshi Nakamoto, who is believed to own around 1 million bitcoins (which is equal to $2 billion), is a group of developers.
2. Bitcoins are not infinite
They are limited in number, and as the process of mining goes on it get’s more and more difficult to generate the coins digitally. At the moment the number of bitcoins is slowly approaching 21 million, and miners will have to work harder with each day.
3. There are no sender/receiver details
All transactions are connected into block chains; where addresses are a string of 34 alphanumeric characters, and users have unique portfolio IDs. Since it’s impossible to determine the recipient, most of illegal transactions are carried out using this crypto- currency.
4. First bitcoins were spent on pizza
Yes, you got it right. The first transaction, worth of 10.000 coins was made to buy a $25 pizza. Satoshi and Hal Finney made this historical purchase in 2009.
5. Bitcoin network is super powerful
Bitcoin’s network is even more powerful than supercomputers. Experts estimated it to reach 2,046,364 Pflop/s.
6. Bitcoin was sent into space
A 3D Bitcoin model was tied to a weather balloon and sent into outer space by Genesis Mining in 2016. Although there was no actual reasoning behind it, the journey was recorded with a GoPro.
7. There is no second chance to make a transaction
Unlike other platforms, like PayPal, the transaction of Bitcoin is irreversible.
8. The FBI owns the largest Bitcoin wallet
FBI controls as much as $120 million coins, making it one of the world’s wealthiest Bitcoin owners.
9. Losing the wallet equates to losing bitcoins
Just like your bank account, bitcoins are saved in a wallet and if you lose the wallet information, you will lose all bitcoins that were in it.
10. Bitcoin is volatile
Bitcoin has become an important phenomenon in the digital era. However, the price keeps fluctuating and is unstable.