Bitcoin is now being described as the “money of the internet,” and it recently enjoys viral popularity because of its sudden and quick growth in value. But Bitcoin is very inconsistent. It is prone to sudden weight changes, and many people don’t know very much about it.
Here are the previous facts about bitcoin if you haven’t checked it out yet.
To add further knowledge about the cryptocurrency, here are MORE (and explained) facts that should give a user a better understanding of the famous cryptocurrency.
- $100 that was invested on July 10, 2010, is now amounting to 18.8M.
2. The market cap of Bitcoin is around $280B as of 2018
3. Bitcoin leapt 127% between October and November of 2017
4. One of the biggest names in Silicon Valley, Peter Thiel’s Founder’s Fund, makes a monster bet on Bitcoin in January 2018, amounting to hundreds of millions of dollars as of now.
5. In December 2017, the US government sold bitcoins seized during an opioid drug case that is now worth almost $10M
6. In Ukraine, Kidnappers have released a Bitcoin analyst after the British company paid $1M in Bitcoins as a ransom on December 30, 2017.
7. Bitcoin’s founder is Satoshi Nakamoto, and he (or she) is liable for designing and engineering the entire project. However, Satoshi Nakamoto is a pseudonym, and it could be a team of people. Whoever they are, the assessed worth is $16.5B in Bitcoin, and they were designated for a Nobel Prize in Economic Sciences in 2015.
8. Bitcoin is limited in number. The individual – or team – that made Bitcoin had set a pre-defined amount of Bitcoin before the project was complete, which amounts to 21M. This number is now slowly being reached, and it is getting more difficult to ‘mine’ new Bitcoin each day.
9. A New Bitcoin is produced through ‘mining.’ ‘Mining’ is a very complicated procedure in which a new Bitcoin is created. Mining a Bitcoin is similar to mining gold; there is a limited amount of gold. The more it is mined, the more challenging and resource-intensive it is to bargain. This is the same with Bitcoin.
10. The FBI has a considerable amount of Bitcoin kept in wallets. The FBI has one of the leading Bitcoin wallets, period. Then Silk Road – the dark web flea market for drugs – was shut down; they detained its owner’s assets, including a Bitcoin wallet, which is stated to be amounting to over $100 million.
11. One of Bitcoin’s first transactions was for pizza. In May of 2010, two pizzas that cost $25 were bought for 10,000 Bitcoin. In January 2018, the worth of 10,000 Bitcoin was around the $150M mark.
12. It is more commanding than 500 of the most powerful supercomputers. As the experts say, the Bitcoin’s network has a calculating power of 2,046,364 Pflop/s compared to the world’s 500 most powerful supercomputers – 274 Pflop/s – is impressive.
13. It is entirely anonymous. It is impossible to determine the details of the people you have sent Bitcoin to or from whom one has received Bitcoin. Thus, the instantaneous industry to adopt the cryptocurrency payments was the online gambling scene: bitcoin poker and general gambling without any regional restrictions that appeared virtually overnight.
14. Bitcoin transfers are irreversible. Different from PayPal, Bitcoin transactions are final. There are no second chances with Bitcoin, so one has to be sure before committing to a purchase.
15. It made some people incredibly rich. A Norwegian National named Kristoffer Koch capitalized $28USD into Bitcoin and quickly forgot about it. By the time he remembered that he owned it, its value reached over $825,000.
16. But, make sure that the wallet is safe. If one loses their Bitcoin wallet, it’s gone, end of the story; it’s not like losing a debit card. Regrettably, many people who bought Bitcoin in its early days have done just this. It was estimated that 64% of Bitcoin never has and will never be used as it is.
17. Any single individual does not manipulate Bitcoin. Unlike other national currencies controlled by national banking institutions, Bitcoin is not influenced by any single person or entity. As an alternative, it is organized by everyone who uses Bitcoin.
18. It is undeniable. Perhaps the most exclusive characteristic of the Bitcoin is that it can see all its transactions; it is pronounced. Everything can be observed on the blockchain. The openness and clearness give it such a high level of faith among the wider Bitcoin community.
19. Bitcoin can be sent without fees. With Bitcoin, there are no transaction fees, and it is sent almost immediately – no waiting periods at all.
20. Bitcoin has a dark and suspicious past. Before it became prevalent in the conventional, Bitcoin was mainly used on the ‘dark web’ to supply illegal transactions. An infamous example of this was something recognized as “The Assassination Market,” where people could place bets in Bitcoin about a specific individual’s death date. If somebody ‘guessed’ right, a payoff could be collected.
21. Its legal status varies, too. There are many questions about the legality of Bitcoin, which differs from country to country. Some countries publicly provision Bitcoin, and others don’t; there is a comprehensive list online which is kept updated to reflect each country’s position on the cryptocurrency. Some states, such as the USA, are even trying to regulate Bitcoin, but this has met widespread repercussions from the Bitcoin advocates.
There you have it! The mind-blowing (and life-changing) facts about bitcoin, for more exciting articles about cryptocurrencies, always visit cryptonetworknews.com.