Interesting Facts about Bitcoin

Some Facts about BitcoinThere is a high degree of probability that you have heard of the mysterious internet money called Bitcoin. Perhaps you already know a lot about it and a small population of the readers might also own this Cryptocurrency. Don’t worry, if you have not heard about Bitcoin at all or know only little bit. We bring you some interesting facts about Bitcoin.

Also we will share the names of some other cryptocurrencies. Therefore, read the full blog and at the end are also short videos in English and Hindi which you may like to watch.

10 Interesting Facts about Bitcoin

1. Bitoin is a very young currency

Compared to the phenomenal popularity of Bitcoin in the recent period, it is only about 8 years old. On 18 August 2008, the domain name was registered.Yet Bitcoin is the the undisputed king of cryptocurrencies.

2. The inventor of Bitcoin is not known

Bitcoin is not the currency of any particular country or region. Neither it is available in physical form. It is only a digital currency or as it is popularly known as internet money. Also there is no confirmed information about the person or persons who originated this.

3. The first Bitcoin purchase transaction was for pizza

Interesting Facts about BitcoinOn 22 May 2010, someone purchased Papa John’s pizza using 10,000 BTC .

4. Bitcoin’s supply is limited

There will only ever be 21 million bitcoins.

At present, 16.3 million have already been mined and are being traded. It is said that the last bitcoin will be mined in 2140. After that, no new bitcoins can be mined.

5. Bitcoins are not manufactured, they are mined

Bitcoins are mined on the blockchain network, and they come into existence when miners successfully mine Bitcoin blocks.

There is no central authority such as a government or bank which has created Bitcoins. These coins are by “miners,” who use computers and specialized hardware to mine through process transactions and collect bitcoins in exchange. There is a technology that records cryptocurrency transactions chronologically in a public digital ledger.

6. Bitcoins are held in digital wallets.

Much like when you log into your online bank account and see your balance, you also have a bitcoin wallet that is established when you sign up.

7. Losing a wallet means losing bitcoins forever

If you lose your digital wallet, the bitcoins in it are lost forever.

However it’s impossible for anyone to take away money from your wallet as there is a bitcoin address. Of course, if you know a bitcoin address you can see how many bitcoins it has.

According to a research paper published in December 2013, 64 percent of the 12 million bitcoins that had by then been mined had never been spent. This could be because of forgotten passwords, accidental losses, hoarding, bitcoin owners forgetting about coins or even dying. These bitcoins have unique keys to them and if they’re lost with a wallet, then they are removed from circulation forever.

8. Tracing Bitcoin Transactions

When making Bitcoin transactions, your name or identity is not used in any form. Only your public address is available.

The Bitcoin blockchain is a permanent ledger which is transparent. If anyone knows your Bitcoin public address, they can see how many bitcoins you hold and what transactions you have made.

9. Bitcoin may be difficult to ban

There is always news of regulatory authorities “banning” it. This is because Bitcoin is not under the jurisdiction of the traditional banking system.

However, this being designed in such a way it would be very difficult to ban it.

Yet, many countries have tried to ban it, like Bangladesh, Bolivia, Thailand, Vietnam etc. Also there are some countries like Australia, Russia, Japan, and Venezuela which have made Bitcoin an official legal tender and are regulating it.

Bitcoin has become too powerful and popular to be simply ignored, as long as you have an internet connection and a Bitcoin wallet, you can engage in Bitcoin transactions.

10. You can buy things with bitcoins

Bitcoins may sound a bit absurd at first, but it’s actually a currency which can be actually used to buy real things. There are a number of merchants who accept bitcoins as payment for items. This includes Microsoft Dell, Reeds Jewelers, One Shot Hotels, Holiday Inn and even local pizza places, restaurants, and more.

Rivals of Bitcoin

Bitcoin is not the only cryptocurrency. According trade website Coinmarketcap, presently there are over 1,300 rivals.

Virtual currencies like Litecoin, Ethereum, Peercoin, Namecoin, Primecoin, Feathercoin, Megacoin, Novacoin, ProtoShares, QuarkCoin, WorldCoin, Infinitecoin, Freicoin, CryptogenicBullion, Tickets, BBQCoin, Terracoin, Anoncoin, Ixcoin, Devcoin, Digitalcoin, Mincoin, GoldCoin, Yacoin, Copperlark, Zetacoin, Fastcoin, TagCoin, I0Coin,  Luckycoin etc.

You may also refer to Wikipedia – List of cryptocurrencies

A note from the author

Hope you liked this article. Here are links to a few more interesting articles :

Short Video: Interesting Facts about Bitcoin

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