Things You Don’t Know About Bitcoin
We cannot deny the fact that Bitcoin is one of the most popular digital currency in the world of cryptocurrency. Considering that it is well-known, many people think that they already know everything about it. Despite its popularity, there are still several things you need to keep in mind about the said digital currency.
In this post, we are going to provide you with the important Bitcoin facts and help you to see this blockchain-based cryptocurrency from a holistic view.
The Mysterious Creator
Satoshi Nakamoto is a person or group of individuals that established Bitcoin and introduced it to the digital world way back in 2009. But in late 2010, the creator disappeared on the internet, and no one knows where he or they are until now. Considering its mysterious identity, even the wisest individual in the world cannot determine if the creator is already dead or still alive. Bitcoin users can only connect with Satoshi Nakamoto using forums and emails. Online trading platforms like Crypto Genius can help you in hassle free trading.
The creator holds more than 980,000 Bitcoins stored in their Bitcoin wallet. In connection to that, they are considered to be among the world’s richest individuals.
There is a small nation situated in Serbia, and Croatia was established way back in 2015 April and was called Liberland. This nation was founded by the Liberland’s president, activist, publicist, and politician named Vit Jedlička. Liberland uses Bitcoin as its official currency. According to the Liberland government, the underlying concepts of the blockchain and Bitcoin itself offers a transparent and more secure method to record physical, financial, and electronic assets.
When you lose your Bitcoin address or sometimes called by many as one’s private key, it means that you have lost your unique identification as well as the entire Bitcoins you store in your Bitcoin wallet. According to studies, more or less 60 percent of the overall Bitcoin addresses are considered ghosts. In other words, a lot of Bitcoin users have lost their Bitcoin addresses and did not recourse their identity as well a BTC.
Faster than Supercomputers
Summit is the fastest supercomputer in the world that does. It works at 122.3 petaflops. But if you are going to take a look at the whole network of Bitcoin, you may notice that it features more than 80,704,290 petaflops of processing power. But take note that the Summit can perform different beneficial things compared to the Bitcoin network that can only add new blocks to its blockchain.
The Power of “B”
It is important to know that “bitcoin” and “Bitcoin” are different terms that have unique meanings. The term “bitcoin” is being used to define the digital money being used in different transactions. On the other hand, the term “Bitcoin” is being used to define the ledger, which holds all the information related to every bitcoin transaction.
Limited Number of Bitcoin
21 million is the highest bitcoin that should exist in the market. Yes, even though bitcoin is digital money, there are always limitations. At the time of writing, there are a total of 17 million bitcoins circulating in the market. This means that about 80 percent of its maximum has been used already.
But there is nothing for you to worry about because the remaining 20 percent can still last until the year 2140. This is due to the way miners get their rewards. Miners receive a reward of 12.5 bitcoins when they add one block to the blockchain. But every after four years, the reward they can receive is being decreased by half. The next division of the reward is now happening, wherein the reward is cut down to 6.25 bitcoins.