Interesting Facts About Bitcoin Technology

In today’s world, we are all always in a hurry and we need everything to be done quickly. We take care of our business digitally where things are easier, faster, and more convenient. This fast replacement of the traditional by the digital is possible mainly because of digital banks.

Cryptocurrency is another digital mode which is also frequently used for stocking costs and trading. There are far more benefits to bitcoin than there are drawbacks. And it has proved its mettle as extremely advantageous for everybody. And if you are looking to dive into it, there is no better place to get more details here. The e-Yuan has the potential to become the country’s state-backed coin. Hence there is absolutely no reason for you to miss out on it.

However, this decade-old technology is not without some fun and mysterious facts, and here are some of them.

Who created Bitcoin?

Bitcoin was created in 2009 and its creation is attributed to Satoshi Nakamoto. Surprisingly, however, nobody knows whether this Satoshi Nakamoto is a person or a group. The last time anybody ever heard of them was back in 2010, after which they completely disappeared. Nobody knows whether they actually exist in real life any more or not. They only communicated via emails and that stopped after 2010. However, their Bitcoin wallet does contain 980,000 Bitcoins and that makes them the wealthiest person/people on the planet.

The satoshi

Satoshi is a term used to refer to the smallest unit of bitcoin, named as a sign of respect for the creator/creators. The value of this satoshi is 0.00005$. Hence you would require around a hundred million satoshis to make one bitcoin. And as per the present bitcoin value, you would need around 15.800 satoshis to make a dollar.

Bitcoin or bitcoin

Bitcoin starts with an uppercase ‘B’ and lower case ‘b’, but has entirely different meanings. Bitcoin with the lower case ‘b’ is used to refer to this mode of currency. Bitcoin with upper case ‘B’ refers to the ledger which is the storage for all the information regarding this currency.

Number of bitcoins

The number of existing bitcoins in the market can never exceed the limit of 21 million. So far, the number of bitcoins already in circulation is 17 million. This means almost 80% has been mined already. However, this is not a burning cause to worry about for we won’t run out of bitcoins till 2140.

Is it legal?

In many countries like Canada and the US, bitcoin is a legal mode of transaction, however, there are many other countries like Bangladesh, Bolivia, Ecuador, and Iceland, where cryptocurrency is completely banned. And then there are other countries like Thailand, India, and Iran, where Bitcoin is not totally banned, but then, it is not widely used either and is not legally accepted as tender.

Bitcoin network vs. Supercomputers

The world’s fastest supercomputer is the Summit, and it works at a speed of 122.3 petaflops. However, the entire network of Bitcoin processes power at a speed of 80,704,290 petaflops. But the Bitcoin network can only add blocks to the Blockchain, whereas the supercomputer does a lot of work.

Conclusion

2009 saw the birth of the world’s most groundbreaking innovation ever all thanks to Blockchain- the primary technology which made Bitcoin possible. This outstanding technology allowed us to make safe investments with quick returns and at a higher rate. With the growing success of Bitcoin, the advantages of using it increase as well. But what will never go away are the awesome facts that it is shrouded by, and this is a very small list of all the mysteries surrounding it. Hopefully, you have enjoyed knowing about these fun facts. 

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