bitcoin

1. It is the leading form of cryptocurrency in the world

With a popularity of 400,000 subscribers on Reddit’s subreddit r/bitcoin, 12 million Coinbase users, 18.5 million of blockchain.info wallets and almost 80,000 tweets with #bitcoin sent per day it’s no surprise that Bitcoin dominates 58% of the cryptocurrency market. With more users than any digital currency, bitcoin is the most common form of cryptocurrency in the world.

2. The founder’s identity still hasn’t been confirmed

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Someone named Satoshi Nakamoto is supposedly the founder of bitcoin. But, there are many speculations about the true identity of the individual. Evidence proved that he is either American or European, due to fluent English writing in his blogs and articles. Also, the timezones in which the articles were posted suggested the same.

Some other people have also claimed to be the developer of bitcoin, such as Denis Steven Wright, a computer scientist and businessman from Australia. As proof, he submitted details about the first ever transaction that happened between Hal Finney (the first person to ever receive bitcoins) and Satoshi. But, the claim is disputed by users within the bitcoin community. In some cases, there is speculation that Finney is indeed Satoshi Nakamoto since they both lived in the same town. He, however, refuted the claim.

Nakamoto is believed to own about 1 million bitcoins with a worth of more than $2 billion.

3. Bitcoins are limited in number

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You all may have heard about bitcoin mining, the process using which bitcoins are generated digitally. So, does this mean there could be an infinite number of bitcoins? That’s not the case. Bitcoins are limited in number,  there are only 21 million bitcoins available and it has already reached approximately 16.78 million in December 2017.

4. Bitcoins are held in digital wallets

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If you are wondering where you will keep your Bitcoins, it’s simple, you will have a wallet of course, but a digital one. It’s the same thing as a bank account only it has a different name, and you don’t have to pay any annual fees to keep that wallet. It acts as a physical wallet, and you will have your bitcoins all in one place where you can do whatever you wish to do with them.

But here’s the thing, losing your wallet means those bitcoins are lost forever. This happens if an individual has lost their wallet and they can’t remember the details they used in the registration process. This is why you must take care of the security of your bitcoin as well as operate only with trusted vendors.

5. Bitcoin has been sent to space

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In 2016, Genesis Mining, a bitcoin cloud mining provider, set bitcoin to space. This was made possible by using a 3D Bitcoin Model and a bitcoin paper wallet, which was tied to a weather balloon. The whole journey was recorded using a GoPro focused on the model and the wallet. Once the weather balloon reached a height of 20 kms, the ground team made the transaction to the paper wallet. Another transfer was made to the wallet once it achieved the maximum possible altitude of 34 kms.

6. The FBI has one of the world’s largest bitcoin wallets

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You would never suspect FBI owns 120 million USD in bitcoins, would you?

However,  it’s true, after shutting down the operations of Silk Route – a secretive website used to trade all sorts of illegal items – the FBI took possessions of owner’s assets. Among them, there was an estimated worth of 120 million dollars in Bitcoins, which the domestic intelligence and security service of the United States never officially renounced or spent. A report from the Wired Magazine claiming that FBI is one of the world’s wealthiest bitcoin owners has been recently confirmed by other sources.

7. Bitcoin network is much powerful than supercomputers

Today each Bitcoin transaction requires the same amount of energy used to power nine homes in the US per day. And miners are constantly installing more and faster computers. According to experts, Bitcoin networks have a computing power of 2,046,364 Pflops/sec. Already, the aggregate computing power of the bitcoin network is nearly 100,000 times larger than the world’s 500 fastest supercomputers combined which is just a mere 274 Pflops/sec.

Check out more interesting facts about Bitcoin here.

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