Takeaway: Bitcoins are emerging as a top cryptocurrency payment method or investment because of their massive blown market value. Here are ten things about Bitcoins that may surprise you!
1. A Mysterious Creator
In 2009, a person or group of people known as Satoshi Nakamoto introduced Bitcoin to the world. He (or they) disappeared from the Internet in late 2010 and has never since been heard. Since his identity is hidden, no one knows whether he is alive or dead. The only contacts people had with him were emails and forums.
His Bitcoin wallet holds 980,000 bitcoins, making him one of the richest people in the world.
As a mark of respect for Bitcoin’s creator, the smallest unit of bitcoin is known as a satoshi. One satoshi is estimated at the US $ 0.00005 (as of 11 April 2019), which is very low. To make one bitcoin, you need about a hundred million satellites. According to current bitcoin standards, which are very flexible, making the dollar you need is close to 15,800 satoshis.
3. Loss of Bitcoins
Losing your Bitcoin address, also known as your private key, does not mean losing your unique identity; it also means losing all the bitcoins in your wallet. Research shows that at least 60 percent of all Bitcoin addresses are ghosts, meaning that a large proportion of people who use Bitcoins have lost their addresses and have no way to access their wallets.
In April 2015, a micronation was born between Croatia and Serbia, known as Liberia. It was founded by Vít Jedlička, a politician, journalist, activist, and president of Liberia. Liberia’s official currency is bitcoin. The government believes that Bitcoin and its basic blockchain concepts provide a secure and transparent way to record electronic, financial, and physical assets.
5. Power consumption
Ireland consumes about 5,000 kilowatt-hours of electricity each year. All bitcoin mining farms together consume about 60 hours of terawatt-hours of electricity, which is about 6 x 1010 kilowatt-hours of total energy. The whole of Ireland, the second-most populous city in Europe and 84,421 square miles [84,421 sq km] in area, consumes the world’s smallest electricity.
6. Bitcoin Ban
While many countries worldwide, such as Canada and the United States, have wholeheartedly accepted Bitcoin, others have not. Countries, including Bolivia, Iceland, Bangladesh, and Ecuador, have completely banned the use of bitcoins. There are also countries, including India, Thailand, and Iran, that have asked their citizens to be cautious while using cryptocurrencies but have not completely banned them — however, they do not accept them as legal tender.
7. Limited number of Bitcoins
There is a limit to how many bitcoins can be on the market: 21 million. Currently, 17 million bitcoins are already distributed; that means that about 80 percent of the 21 million have already been mined. But don’t worry; until 2140, we will still have bitcoins in the mine. This is because of the way the miners are rewarded. Miners are rewarded with 12.5 bitcoins per block added to the blockchain, and every four years, the salary is reduced by half. The next half should happen in 2020 when the reward is reduced to 6.25 bitcoins. You can read bitcoin news on Coinnounce.com
8. “B” importance
The words “Bitcoin” in capital letters “B” and “bitcoin” in lower case “B” mean two different things. The latter (bitcoin) refers to the digital currency used to make transactions. The first (Bitcoin) refers to a ledger that stores information about this transaction.