Bitcoin is a digital currency that does not exist in the form of traditional coins and notes. It can be kept electronically. You can also buy a few things now. Today we are going to tell you some hidden facts about Bitcoin in this article.
Bitcoin is not the only cryptocurrency in the world. Trade website CoinmarketApp says more than a thousand other cryptocurrencies exist.
How Bitcoins are released:
The process of issuing a bitcoin is called "mining." It combats solving complex computer algorithms between computers around the world. Those who win get new bitcoins.
Empire of Bitcoin:
The value of bitcoin released so far has reached $283 billion. Thus, the total value is higher than the visa or Citigroup. This is a sign of the expanding empire of Bitcoin.
No one's control:
While central banks have control over traditional currencies, there is no such control over Bitcoin. A community comprising users, miners, and investors handles Bitcoin.
More than 9.8 million bitcoin exchanges were stolen by hackers or people inside. From the current exchange rate, bitcoins worth $15 billion were stolen. Only a few of them could be recovered.
Who created Bitcoin:
To this date, it is unknown who is Satoshi Nakamoto, who created bitcoin. Australian computer scientist and industrialist Craig Wright claimed in May 2016 that he was Satoshi Nakamoto but could not provide evidence.
It is also unknown whether Satoshi Nakamoto was a pseudonym or a group of computer developers or someone who used this name. It is also not clear whether Nakamoto is still alive or not.
If you bought and sold 1,000 dollars of bitcoins in early 2013, you own $12 million today. However, given the volatility of bitcoin, many people still do not have much faith in it.
Bitcoin's performance has been better than any central bank currency issued since 2011. In 2014, his performance was worse than the traditional currency. Bitcoin's value grew by 1,400 percent in 2017.
How many bitcoins are there in total?
Only 1.67 crore bitcoins have been released so far. By 2140, the number can reach 2.1 crores. Currently, 12.5 bitcoins are issued every ten minutes.
Bitcoin's smallest unit:
If you want to buy Bitcoin, you don't need to buy the entire Bitcoin. You can buy his smallest unit Satoshi. One bitcoin consists of one million Satoshi.
Mining computers need a lot of energy to run. The higher the price, the more computers get in the competition—accordingly, energy consumption increases.
Three lakh transactions every day:
The Motherboard website estimated energy consumption per Bitcoin transaction of 215 kW per hour for three million Bitcoin transactions per day. This will meet the week-long power requirement of a normal family in the United States.
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