by Hodler Ash 
Various Bitcoin Facts You Need To Know
If you are aware of what is happening in the cryptocurrency market through social media or any other means, you must know about Bitcoin as well. Undoubtedly, Bitcoin is the most popular cryptocurrency tokens of all time and there are many reasons behind it. Starting from extreme price hikes and continuing to many controversies around the world, Bitcoin definitely made its mark. As an aspiring trader in the cryptosphere, it is very necessary to know various bitcoin facts and figures, in order to get a clear view about it.
The best part about having knowledge on Bitcoin is the fact that a lot of other cryptocurrency tokens also have similar characteristics which means that if you have enough knowledge about Bitcoin, you would have enough knowledge about most of the cryptocurrency tokens in the market.
This new kind of money definitely talk the market by storm in late 2017 when it hit its all-time high. It is unfortunate that many companies in the world do not yet recognise Bitcoin as a legitimate exchange. The prices of Bitcoin as well as any other cryptocurrency coin keeps changing (falling or rising).
Various Bitcoin Facts
It was back in 31st October 2008 when this absolutely new cryptocurrency was born and was named “Bitcoin”. Ever since the release of it, there have been a lot of mysteries conspiracies and confusions surrounding it and that is what made the coin what it is, at this point of time. A couple of disasters also happened with the Bitcoin.
Common people as well as the traders do not yet know the real identity behind the creation of Bitcoin. It is not even sure if it was created by a single person or a group of people which is the reason why he/she or the group of people is called Satoshi Nakamoto.
It is a Japanese name and there is a reason why they chose this character name to be Japanese which is what was written in a P2P profile once, about the creator of Bitcoin. In Japanese, ‘Satoshi’ translates to a person who is clear-thinking, quick-witted and very wise. ‘Naka’, on the other hand, means “inside” or “relationship” and ‘moto’ means the origin. The meaning definitely does make sense and relates with the whole mystery.
Many conspiracies revolving around it also say that the Bitcoin was created by Central Intelligence Agency which can also be true. Not only that, but also these theorists believe that four companies are behind this which are Samsung, Toshiba (‘Sa’msung + ‘Toshi’ba = Satoshi), Nakamichi, Motorola (‘Naka’michi + ‘Moto’rola = Nakamoto). As already mentioned, there are a lot of conspiracy theories regarding this and these were just some of them.
Some people do not really know about the most expensive food order in history. It was done by Bitcoins itself. Actually, in 22nd May, 2010, the first ever Bitcoin transaction was carried out which was not actually through any sort of exchange but was done by following the barter system. A person ordered 2 pizzas and without giving cash or following any other payment method available in those times, he gave 10,000 bitcoins. It is considered a very funny yet revolutionary transaction since that is when the inception of Bitcoin happened. It is considered the most expensive food order because at the highest price of Bitcoin, each of the two Pizzas would have costed almost $99 million. That is indeed very expensive for pizzas. The price of the Bitcoins around the time of 22nd May 2010 was not really high enough, so technically, the person ordering the two pizzas was not at loss, at all. Till date, 22nd May is considered the Bitcoin Pizza day and it is like a celebration in the offices of the exchanges and among the traders.
One of the biggest debates that happen regarding Bitcoin is about it being a decentralized currency or not. Many argue that it is not decentralized currency because four mining entities control about 50% of the hash rate while some definitely consider it to be a decentralized currency because of obvious reasons. It does not matter if one believes that it is a decentralized currency or not, one definitely has to believe that it built on a distributed system and it completely makes sense why.
The versatility of using Bitcoin to purchase products or services is huge. One can buy a goat while another can buy a trip to the outer space. Definitely, this opportunity of purchase is a very good thing.
Back to Satoshi, smallest denomination of Bitcoin is 100 millionth of a single Bitcoin. This small part of Bitcoin is called ‘Satoshi‘.
In different countries, Bitcoin is treated differently. Even in some countries, this cryptocurrency is absolutely banned. Some countries see it as legal tender while some don’t. Definitely, this Bitcoins can be used to make purchases which is what ‘treating it as a currency’ means but many governments around the world treated as a property which is not bad either.
In 1848-1855, the California Gold Rush happened. There is a very famous saying of those times which went like “more people made money selling shovels than from mining gold”. In the times of Bitcoin, more people made money selling graphics card than from mining Bitcoins. This is because mining Bitcoins required a very capable graphics card and many people wanted to mine Bitcoins from their computer. This is why the sale of graphics card went really high around 2017.
The United States of America sees the potential of Bitcoins and cryptocurrency which is the reason why they support this market very much. It is the country which has the most Bitcoin ATMs which is also more than all other countries in the world combined. That is how much the government believes in Bitcoins.
Buying and selling of Bitcoin happens in any exchange and before carrying out the processes, a public and private key are supposed to be created. There are actually more than 4 billion possible combinations which somebody has to really work through and guess the specific private key.
Combined, somewhere around 3.79 million of the total Bitcoins have been lost during transactions. There are people who have come into the cryptocurrency market without really the full knowledge of how to handle digital assets which is the reason why these Bitcoins were lost. This was like 252 billion dollars worth of Bitcoin being lost with no way to be found.
The maximum number of Bitcoins which can exist in the market at a point of time is 21 million. These can circulate anytime from one hand to another. Satoshi Nakamoto, who is considered to be the creator of Bitcoin roughly owns 1 million of these Bitcoins and it is believed that it will never be spent or circulated in the market.
As per analysts, 21 million Bitcoins will not be mind before 2140. It makes sense because mining Bitcoins requires a lot of time but it is also true that 80% of all Bitcoins have already been mined. Mining is now much more difficult than it used to be which is the reason why so many more years would be required to mine the rest 20%.
Also Read
Who Is Satoshi Nakamoto ? What Is Satoshi Nakamoto Net Worth ?
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