20 Interesting Facts About The Bitcoins You Should Know
Bitcoins which we are known as Online Currency or “Currency Of The Internet”. Today, we are going to know about 20 facts of Bitcoins that you should know.
1. Bitcoin is a cryptocurrency and digital payment system invented by an unknown programmer under the name Satoshi Nakamoto.
2. Bitcoin does not flow through the traditional banking system rather it flows from one computer wallet to another.
3. Bitcoin is the world’s first digital currency which is not controlled by any government or a bank.
4. A complex mathematical mechanism is known as ‘Bitcoin mining’ is used to control the distribution of bitcoins in the market.
5. All Bitcoin transactions are handled through blockchain, which is a database containing a record of every Bitcoin transaction ever.
6. Unlike regular money, each bitcoins has a detailed history, which makes it hard to fake or replicate.
7. Once a transaction using Bitcoin is made, there is no coming back. In other words, a transaction cannot be reversed.
8. Bitcoin can be exchanged for other currencies, products and services in legal or black markets.
9. No company stand behind the creation of Bitcoin. Since the Creator is anonymous, there is no owner.
10. There is no trace back to you. That is the main reason many countries are banning and prohibiting the use of Bitcoins.
11. Each day 3600 new Bitcoins are mined.
12. Bitcoin cannot be held or kept in a pocket or a wallet like currency, It is purely a computer-based means of exchange.
13. The first Bitcoin transaction ever made was 10,000 bitcoins for a pizza in 2010.
14. Lamborghini became the first car company to accept payment in Bitcoins.
15. The Canadian city of Vancouver became the first city to install Bitcoin cash machines.
16. Since the currency began 64% is the amount of Bitcoin sitting in accounts that haven’t been touched.
17. The maximum number of bitcoins that can ever exist is 21 million.
18. It is estimated that the 2140 year will be the year when the last Bitcoin is mined.
19. Bitcoin with a capital ‘B’ is used when referring to the network while the currency is spelt with a small ‘b’.
20. Bitcoin computes more than 100,000 transactions a day. The number has been growing at an exponential rate.
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