Bitcoin is one of the most popular forms of cryptocurrency you can use today. Simply put, a cryptocurrency is a type of digital currency that allows users to carry out secure transactions with the help of encryption techniques. You’ve probably heard of Bitcoin, but how much do you know about this type of cryptocurrency? Well, read on to find out more.
Today, many people are using Bitcoin because of the numerous benefits associated with it. First of all, Bitcoin is a secure digital currency because it uses advanced encryption methods known as cryptography to protect users from fraud. Bitcoin’s security features also prevent identity theft because users can get paid without sharing their personal details.
Another benefit of using Bitcoin is that users can enjoy lower transaction fees. In fact, cryptocurrency exchanges often take place without transaction fees. Also, bitcoin uses a decentralized network of computers that rely on blockchain technology. It’s not regulated by one central authority. In simple terms, Bitcoin is a noncustodial platform that allows users to be completely in charge of their funds.
Interesting facts about Bitcoin
Now that you know the benefits of using Bitcoin, let’s talk about some of the most interesting facts you probably didn’t know about this type of cryptocurrency.
1. The anonymous Bitcoin founder
The first interesting fact about bitcoin is that no one knows its founder. We know the name Satoshi Nakamoto, but this is the name used by the mysterious person who came up with the whole idea of bitcoin. The mysterious inventor coined the concept of bitcoin in 2008 and contributed to the development of the bitcoin network in 2009. Interestingly, it’s one decade down the line and we still don’t know who the amazing genius is. If you thought Satoshi Nakamoto was the real name of bitcoin’s founder, then you have a lot of research to do.
2. More than 36 million crypto wallets
Cryptocurrency has gained popularity in recent years and is now used for a wide range of purposes. Overall, there are more than 36 million crypto wallets including about 4 million Bitcoin wallets. Today, you can easily find online gaming sites that offer Bitcoin as one of the payment options. Visit this site to learn more to learn more and find some of the best iGaming sites that use Bitcoin.
According to the findings of a recent study published on Statistica.com, the number of blockchain wallets increased from less than 6.7 million in the first quarter of 2016 to more than 34.6 million in the first quarter of 2019. This number continues to increase with each quarter seeing more cryptocurrency wallet users than the previous quarter. According to Blockchain.com, the number of blockchain wallets increased to more than 36 million in April. If you look at the most recent graph on Blockchain.com, there are about 40 million blockchain wallet users and the number is still increasing.
3. The Bitcoin limit
Just like gold, bitcoin is obtained my miners through a process known as mining. Miners are the people responsible for creating bitcoin as well as running the entire network. They use digital tools to do the work. Since bitcoin is all about mining, it cannot be created randomly. In addition, there is a limited supply of only 21 million bitcoins. In other words, the world will eventually run out of bitcoins that can be mined if the 21-million limit is reached. The only way to increase this number is to change bitcoin’s protocol to create room for more bitcoins that can be mined.
4. Bitcoin bought the most expensive pizza in 2010
If you didn’t know, the most expensive pizzas in the world were bought using bitcoin. This happened in 2010 when programmer named Laszlo Hanyecz bought two Papa John’s for 10,000 Bitcoins. It was actually the first commercial transaction involving Bitcoins. Today, a single Bitcoin is worth approximately $10,000, so you can imagine how much the two pizzas would cost if they were bought today.
5. The Satoshi is the smallest unit of a Bitcoin
Physical money is usually divided into smaller units, but Bitcoin offers the most flexible option in terms of the number of small units per Bitcoin. The smallest unit of bitcoin is one one-hundred-millionth of a bitcoin (0.00000001 BTC) and is known as a Satoshi. In scientific notation, this number can be expressed as 1.0 * 10-8. This shows the unparalleled value of Bitcoin.
6. Fluctuating price
Bitcoin is a volatile cryptocurrency because its price can go up or down at any given moment, very similar to the way a stock’s price can fluctuate. Therefore, it’s advisable to convert your Bitcoins or use them as soon as possible. Along with fluctuating price, the cryptocurrency markets (including Bitcoin) never close, unlike traditional equity markets we’ve become accustomed to over years.
7. Irreversible Bitcoin transactions
The last interesting fact about Bitcoin is that the person sending bitcoins cannot reverse the transaction. The only person who is allowed to reverse the transaction is the person receiving the money. This feature encourages bitcoin users to do business with trustworthy people who can agree to reverse the funds if necessary.