Did you know the following fact about Bitcoin?
Credit card companies charge merchants fees for those transactions. The problem with this. It’s not correct. Baked into the Bitcoin protocol. There is a support for what are known as am of an or Moltres signature transactions transactions require and number out of some higher number and parties to sign off. The simple way to describe this suppose I’m equal to and. And equality. So we’re out of three transactions. Let’s say that I want to buy the same phone online from anonymous counterparty. I transfer bitcoin to a provided address third party is independent just like intermediary.
That is right see more in the video below on this topic and four other crazy facts about the cryptocurrency
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★ 5 interesting facts about bitcoin you probably didn’t know. Fact number one: A number of bitcoins Satoshi Nakamoto has. Not everyone knows this that Satoshi is the largest bitcoin holder, his estimated cryptocurrencies value exceed $12 billion. Fact number two: This is well know and interesting fact, Florida-based programmer Laszlo Hanyecz spent 10,000 Bitcoins on two Papa John’s pizzas in 2010. Fact number three: Bitcoin mining consume much energy than gold mining. In 2017 estimation of bitcoin mining consumed 1.3 terawatt hours of electricity. Total energy requirement of gold mining is close to 150 terawatt hours. its about 115 times larger energy consumption for gold mining compering to bitcoin mining. Fact number four: Some bitcoin transaction are indeed reversible just like credit card’s transaction, by using multisignature confirmation through verification of third party, you will be able to get your tokens back, if purchase is not valid. Fact number five: Bitcoin is open and transparent. The protocol is open, the wallet is open-source, and, most importantly, the blockchain is open.
Hey hey what is going on guys. Bitcoins 1400 percent gain in 2017 was very appealing to the mainstream media. But they still cannot distinguish between the facts and opinions. So today I’m giving you five five interesting facts about Bitcoin that perhaps you may not know about. Number one. Number of bitcoins Satoshi Nakamoto has almost a decade after Bitcoin was invented. The true identity of its creator Satoshi Nakamoto is still unknown despite the several attempts to find the creator of Bitcoin. And now both claims. We still do not know who is Satoshi Nakamoto is or worse. The number of bitcoins owned by Satoshi Nakamoto is widely regarded as being over 1.01 billion BTC. Based on detailed analysis that was published in 2013. Evidence shows that the bulk of the first thirty six thousand blocks was made by Wang computer which can only hellbender Satoshi at that time. There were a pair block was 50 BTC and all were one point eight million a word that 63 percent was never spent.
Livia’s Satoshi divergent off one point to 1 billion BTC today. That would mean Satoshi Nakamoto is worth more than 11 billion U.S. dollars. That’s another one point three billion in bitcoin cash conduit millions in Bitcoin Gold and ignore every fork. After that you end up with a total asset of twelve point four billions. Not so bad making 12 billion in 10 years numbered 10000 bitcoins for two beats us.
In 2010 when it was first used to make payment 10000 dollars. Bitcoin was banned for a pizza. A Florida based programmer Leslie Hynix banned 10000 going’s on SU Papa John’s Pizza in 2010. It was first transaction using crypto currency one bitcoin is currently worth around 10000 U.S. dollars. Bitcoin is the world’s most popular currency at that time 10000 BTC were around 40 dollars in total. This time Lycia whinings wanted to test a light if that works. The technology that runs parallel to block chain like bitcoins that work to aim to speed up the transactions. He ended up paying a small fraction of a bitcoin for pizza us or less than six to seven dollars and the transaction cost was about 6 cents. Let’s hope he’s not going to regret this purchase. Number three bitcoin energy consumption. Does bitcoin mining pollute our planet. Well according to mainstream media it does CNBC and Bloomberg are delighted to compare bitcoin. Energy consumption is so car manufacturers such as Tesla and there is an article out there stated that bitcoin mining consumes 30 times more energy than electrical Tesla cars or they like to point out how bitcoin mining consumes more energy than countries such as North Korea. Yes all this might be correct. But why don’t we compare apples to apples and not apples to oranges. Let’s compare assets.
For example bitcoin mining and gold mining bitcoin mining consumes about one point three terawatts hours of electricity in 2017. What about gold mining with around three thousand one hundred fifty metric tons of gold mined in 2017.
Putting the total energy requirement of gold mining close to 150 etc. what’s ours. It’s about 115 times larger energy consumptions for gold mining. Comparing Sublett coal mining. So if Santich pollute our planet. Come on it’s not going to be bitcoin. Not before Sambit quenches the actions are irreversible. There are many critics are saying that the country’s actions are irreversible. If for example I’m going to buy an item let’s say a phone from the anonymous counterparty online what is it going to stop them from taking my bitcoin and simply not sending me the phone when I’m buying this item phone online using Visa card. If the phone never arrives or if it’s not what was advertised I can complain that the credit card company the company will do the process of investigation and if they find out that I was indeed ripped off they found me the money. So credit card transactions are reversible because interest actions are not for this service. Credit card companies charge merchants fees for those transactions. The problem with this. It’s not correct. Baked into the Bitcoin protocol. There is a support for what are known as am of an or Moltres signature transactions transactions require and number out of some higher number and parties to sign off. The simple way to describe this suppose I’m equal to and. And equality. So we’re out of three transactions. Let’s say that I want to buy the same phone online from anonymous counterparty. I transfer bitcoin to a provided address third party is independent just like intermediary.
If I receive the phone and if it’s acceptable and I am honest I signed the money away to the seller to sell it. Also signs and scenes two out of three of us have signed. He receives his money.
If there is a problem with the phone or if I’m just honest I sign the beat going back to myself in that field to intermediary the intermediary like a credit card company will do investigation and they will verify if agreement rules will follow and either agreed to transfer money back to myself or to the seller once again. So out of three parties must agree to transfer the funds. This intermediary or a middleman is paid the market rate in advance for services which are all according to the terms agreed upon. All three parties using bitcoin. Anyone can be that middleman including the traditional credit card companies. While moulted signature transactions are not well understood they are right there in the Bitcoin protocol as much a valid bitcoin transactions as any others. So Sambit control the actions are irreversible. There’s reversible exactly as reversible as credit card transactions are our bitcoin is transparent. I remember watching CNBC and those what so-called experts saying that the Bitcoin is not transparent how it’s anonymous and how it’s used to sponsor terrorism involved in illegal transactions such as buying drugs. It’s a great way to conduct in mind the laundry and the list can go on and on. But the reality is bitcoin is open and transparent. The protocol is open the wallet is open source and most importantly the block chain is open. The transparency of the block chain is the key. It has been critical indifferent nominal success of Bitcoin. The block chain is the work of genius but it’s really not hard to understand it. The IAC Professor real original.
The building blocks such as public and private key encryption and signature and destruction cell is a straightforward and logical.
The block chain is consistently being examined by the large number of independent groups and any abnormality identified very rapidly in the fact that because of the Bitcoin interest bearing and traceability there are many cases. FBI were able to identify illegal transactions such as purchasing drugs online.
So those are five facts about bitcoin. Let me know if some of those facts are new to you. If you have any additional area facts please comment below.