Bitcoin has proved to be a successful decentralized phenomenon. Platforms like this Website provides the best features to traders, such as précised trading calls and live customer support. Undeniably, people with the least financial literacy have acknowledged the existence of bitcoin. Still, even the people who trade in BTC know very little about this legendary digital coin. Since its inception, there have been thousands of speculation regarding the founder of this currency, but still, no one is sure who the actual founder of bitcoin is. Let’s have a look at astonishing facts about bitcoin.
Bitcoin is decentralized!
The BTC is the first successful decentralized currency. It is a peer-to-peer payment system. Even though it has no central bank or any other authority, it has a complex network of high-end computers working together to register the transactions within their respective network.
There is only 21 million maximum bitcoin ever!
Only 21 million will be created, and those will be created by themselves through a mining process. Anyone can mine bitcoin. Mining is a complicated process that involves solving mathematical problems with the help of computer software.
20% of bitcoin is lost from circulation!
According to researchers, about 20% of bitcoin has been lost from circulation! The reason behind this loss is that people used to store their coins in computer wallets. In 2010 a malware called keylogger was discovered that targeted bitcoin wallet software and collected personal information, including the private keys and then transferred those bitcoins to the hacker’s accounts. It is reported that in 2011 around $5 million worth of bitcoins were stolen using a keylogger.
So far the bitcoin blockchain has recorded 668 million transactions!
As bitcoin is an 11 years old currency, blockchain has recorded 668 million transactions so far. In the current scenario, the value of bitcoin is around $690000, but the first ever transaction was recorded on 12th January 2009, at the rate of $0.0001.
Transferring money between two countries using conventional methods may take up to 3 days, but with bitcoin, it will take no more than 10 minutes to complete. Because of this, even financial institutions are adopting BTC as a payment system to transfer funds from one country to another.
Bitcoin has now become the national currency of El Salvador!
In 2021 the country decided to accept BTC as a legal currency. It means that BTC will be directly competing with the national currency. Furthermore, this means that by this year, there will be no distinction between bitcoin and conventional currencies.
The sudden increase in demand for bitcoins has led to the launch of many new business ventures built solely on Bitcoin mining or trading. However, in the year 2040, no newly mined bitcoins will arrive. In this scenario, there would only be three bitcoin inflation cycles left. So by 2140, the total number of bitcoins that will ever exist may be 0!
A farmer in Canada uses bitcoin to pay for his milk!
An anonymous Canadian farmer has been found mining for bitcoins on his land. As a result, he is now making hundreds of dollars that he doesn’t need, and shockingly enough, he pays for all his groceries with it.
Bitcoin Whale!
Presently, there are 18.2 million Bitcoins, of which approximately 1 million belong to one person! The owner of this account is called a bitcoin whale. Reportedly, Satoshi Nakamoto created one million BTC at the time of creation and locked it with a private key. Now, this account or wallet is the largest one in the world since the owner has not used it for years.
The price of 1 BTC was less than $ 0.01 when bitcoin was first introduced!
At first, many people did not accept Bitcoin as they were unsure about its value. Still, as more miners began to mine bitcoins, investors also started to take an interest in investing their hard-earned money in this digital currency. Along with that, many startups started accepting bitcoin as a mode of payment, further increasing its popularity among ordinary people.
No One Knows about Satoshi Nakamoto!
As mentioned earlier, no one knows the identity or name of bitcoin’s inventor or founder. However, in 2008, an anonymous person named Satoshi Nakamoto introduced bitcoin. However, their identity is never known since he is an anonymous figure and left after creating this decentralized system that is now used worldwide.
