Bitcoin; the present and future generation of Cryptocurrency, is upon us. Thus, everyone has a vague idea of what Bitcoin is. The most experienced crypto investors have the impression that they know everything about Bitcoins. Now, you might be asking yourself, What is more to know about Bitcoins? A truckload. True, the cryptocurrency concept can be complex to digest, no matter how many documentaries you’ve watched about it. But is there a way to sound smart about a topic that’s inherently difficult to explain? Certainly.
This article wouldn’t be some jargon-laden deep-dive. Instead, we’ll give you the 10 facts about Bitcoin!
10 Facts About Bitcoin
1. Earning Bitcoin is Different From Buying Bitcoin
Did you know there’s a big difference between those who earn Bitcoin (and other cryptocurrencies) and those who purchase them? Here’s why: Bitcoin was originally distributed as a reward to people who performed calculations or verified transactions on a blockchain.
Meanwhile, buying Bitcoins (or other cryptocurrencies) is as simple as signing up for an exchange, creating an account, and purchasing it — just like a share of any other stock.
2. A Bug Created 184 Million BTC In 2010
Known as the “Value overflow incident”, this bug concerned block 74638 of the Bitcoins Blockchain. Within it, a transaction was present creating 184,467,440,440,737.09551616 BTC for 3 different addresses. Hence, 2 addresses each received 92.2 million BTCs while the miner solving the puzzle related to the block was rewarded with 0.01 BTCs that did not exist before the transaction. The error was taken care of right away and we got our limit of 21 million Bitcoins back.
3. Could The Name of The Founder Mean Something?
Conspiracy theorists believe that it was created by 4 tech giants and that the name was derived from the first two letters of the name of the first company, and the first 4 letters of the name of the remaining three companies.
They include …
… to give the name: SATOSHI NAKAMOTO
4. Bitcoin was not the first attempt at a Digital Currency
Despite the fact that it’s the first cryptocurrency, Bitcoin was not the first attempt to create a digital currency. Bitcoin is only the first purely blockchain-based cryptocurrency though. The first digital currency is Digicash.
5. There Will Only Ever Be 21 Million Bitcoin
There’s a limited amount of Bitcoins. When Bitcoin was founded, the creator of the cryptocurrency only made 21 million. Right now, over 16 million are in circulation, however, more are being mined every day.
6. Satoshi’s Coins
Of the 21 million Bitcoins that’ll ever exist, the mystery Satoshi Nakamoto owns 1 million locked up in a wallet for himself. It is believed that the 1 million BTCs will never be spent. Mind-blowing?
7. The FBI Owns One of The Largest Bitcoin Wallets
Some years ago, the FBI closed down a road which was a large black market website where Bitcoins were regularly used to make different purchases. FBI acquired all the Bitcoins that were circulating around the website, which is around 1.5% of all the world’s Bitcoin.
8. Transaction Fee is Low
Compared to traditional currency, sending money to another country with Bitcoins and other cryptocurrencies costs only a tiny fraction of normal bank fees.
9. Satoshi Isn’t The Smallest Unit of Bitcoin
A number of people believe that Satoshi is the smallest unit of measure in Bitcoins. Hence, 1 Satoshi is equal to 0.00000001 BTC. Albeit, there is a smaller BTC unit that is already being used within the Lightning Network implementation currently being deployed on the Bitcoins Blockchain. This is the Millisatoshi (MSAT) which represents one thousandth of Satoshi.
We have the following equality:
A SAT = 1000 MSAT
1 SAT = 0.00000001 BTC
One MSAT = 0.00000000001 BTC
10. 80 Percent of All Bitcoin Has Been Mined
The last bitcoin token which is the 21 millionth Bitcoins token is slated to be mined in 2140. Today, however, the Bitcoin fact is 80% of that entire number has already been mined.
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