Are you interested in Bitcoin? If so, start by learning these facts about this world’s most popular cryptocurrency.
There’s no doubt that more people are developing an interest in Bitcoin. Some people want to purchase this virtual currency but don’t know how to buy it. Some investors convert their fiat money into this virtual asset and hold the tokens in their digital wallets.
Crypto exchanges like enable people to buy this virtual currency online quickly. But with all the hype around Bitcoin, it’s challenging to differentiate facts from speculations. Here are surprising facts that you probably don’t know about Bitcoin.
Satoshi Nakamoto Remains Unknown
Satoshi Nakamoto, the mysterious Bitcoin creator, remains unknown to the world. This group or person vanished from the internet in 2010 after introducing Bitcoin. Since then, nobody has heard from this mysterious entity.
Essentially, nobody knows whether Satoshi is dead or alive. What’s more, people communicated with Satoshi via forums and emails only. But Satoshi’s digital wallet has around 980,000 Bitcoins, making them rank among the world’s wealthiest entities.
Bitcoin Gained by 1,400% 8 in 2007
This cryptocurrency had exemplary performance in 2017, gaining by 1,400%. This performance increased Bitcoin’s popularity and its dollar value. However, this was not the best year for this cryptocurrency based on a percentage. For instance, Bitcoin’s price increased from $0.31 in 2011 to $6.18. That means it gained by 1,894%. In 2013, Bitcoin’s price increased by 5,488%, rising from $13.44 to $755. In 2010, its price rose by around 20,566%, rising from $0.0015 to $0.31.
No More than 21 Million Bitcoins
The Bitcoin network protocol limits the number of tokens in the world. According to Bitcoin’s protocol, the world can’t have more than 21 million coins. Currently, miners have generated 17 million Bitcoins already. Thus, miners have generated 80% of the total tokens already.
However, miners will have Bitcoins to generate until 2140. That’s because the mining process rewards miners. As of 2020, the Bitcoin network rewarded the miners with 6.25 tokens for every block they added to the blockchain. Also, the system reduces this reward by half every four years.
Anybody Can Use Bitcoin
Bitcoin requires users to have computers or smartphones and internet connections. They can install digital wallets on their devices and start receiving and sending Bitcoins with those requirements. What’s more, anybody can set up a Bitcoin mining rig as long as they have the capital.
Bitcoin transactions are also cheaper than fiat money. Thus, most people, especially those in developing countries, prefer Bitcoin due to low transactions. Additionally, fast transactions endear this virtual currency to people transacting with a low amount and those engaging in cross-border transactions due to almost-instant settlement.
The World Has Other Cryptocurrencies Apart from Bitcoin
As of 2021, the world has over 7,300 digital currencies. Although crypto exchanges don’t allow people to purchase all of them, they are available. Also, some cryptocurrencies require users to have exclusive digital wallets.
The world has many digital coins because their creation and addition to the blockchain is relatively easy. However, the top 20 digital currencies accounted for around 86% of the crypto market by November 2021.
Some Countries Have Banned Bitcoin
Bitcoin is illegal in some countries. For instance, you can’t pay with Bitcoin in Turkey. Also, China has banned financial institutions from offering crypto transaction services. However, prohibiting cryptocurrencies is almost impossible. That’s because decentralization means no single entity can control or regulate them.
Bitcoin has many exciting opportunities for trading and investing. It also has a lot in store for crypto enthusiasts. Therefore, take the time to learn as much as possible about this digital asset to exploit its potential fully.
Neironix is not responsible for the safety of your funds and does not provide investment advice