September 19, 2021
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Business

5 Interesting Facts About Bitcoin

For most people, Bitcoin is regarded as a mysterious currency because no one knows the origin of the currency to date. Shocking right! Bitcoin’s creator or creators have remained unknown to date.

That’s not all, Bitcoin’s value has steadily risen for more than 8 years. Like you may know, Bitcoin is one of the sought-after coins in the digital world. In 2010 when it was first used, 10,000 Bitcoin was worth little less than $40.

In 2021, 10,000 Bitcoin is worth more than $350m. Let’s hit the ground running with other amazing facts about Bitcoin.

Creator of Bitcoin

It is strange and very interesting too, but no one knows who created Bitcoin. The name the world knows as the creator is Satoshi Nakamoto. However, there is no trace of this name being linked to Bitcoin creation.

Sometime in 2016, an Australian entrepreneur claimed that he created Bitcoin. However, after fact-checking, it was realized that the Australian had no link with the invention of Bitcoin. So to date, Bitcoin’s creator remains unknown and a mystery.

Untraceable

Unlike some cryptocurrencies, Bitcoin doesn’t request your name or identity when you are filling the form. You need just your public address when you won’t make a transaction with Bitcoin.

Also, the ledger used by Bitcoin is called the blockchain. However, if you share your Bitcoin public address with anyone, they may discover the amount of bitcoin you own.

Private key and Bitcoin

Regrettably, if you lose your private key, you would lose all your Bitcoin. Sometime in 2013, an IT guy called James Howells lost more than 7,500 bitcoin. He mistakenly threw away his hard disk that contained the private keys to his bitcoin that he mined in 2010.

He searched the house but couldn’t find the hard disk. Right now, 7,500 bitcoin is worth more than $20m at best. So you need to guard your private keys so they don’t get missing.

Bitcoin is not Infinite

Compared to some cryptocurrencies, bitcoin is finite. It is believed that only 16.3 million bitcoins have been mined worldwide. It is estimated that the last bitcoin will be mined in 2140. In other words, after that, there would be no new bitcoin to be mined.

What can I buy with Bitcoin?

Initially, when cryptocurrencies were not accepted that much, you could only buy digital items with bitcoin. With the increasing popularity of bitcoin, you can buy virtually anything with bitcoin nowadays. Recently, the acceptance of bitcoin has increased. More so, it is one of the most expensive cryptocurrencies in the world.

Summary

Unlike 10 years ago, right now, Bitcoin is regarded as the revolutionary breakthrough of the 21st century. When bitcoin was introduced, other coins also came onboard. But unfortunately not all the coins have made it this far. A lot of coins have come up to rival bitcoin but none has been able to surpass bitcoin’s achievements. Finally, the bitcoin price is increasing every day despite the volatility of other coins. Visit OSOM Insights to know the current value of Bitcoin.