Bitcoin is a cryptocurrency invented in 2008 by an unknown person or group of people using the name Satoshi Nakamoto and started in 2009 when its implementation was released as open-source software.
There is no tangible bitcoin and is operated by a decentralized authority.
Bitcoin is not like the government-issued currency nor backed by any bank.
Despite it not being legal tender,it has torn the investment market charts in high popularity over other virtual currencies.
7 FACTS ABOUT BITCOIN
1.The Mysterious Developers
The identity of the person(s) who created the cryptocurrency is still a mystery as the unknown developers came with a whitepaper using the name Satoshi Nakamoto.
Nakamoto was active until he or they disappeared off the internet in late December of 2010 and has not been heard from to date.
The exact figure is unknown.
However, it is estimated that Satoshi Nakamoto may possess 1 million bitcoins which is equivalent to 100,000,000,000,000 satoshis
Satoshi Nakamoto is the Richest Bitcoin owner topping the chart of bitcoin owners.
Maybe you will be the one to find the mysterious inventor.
As a sign of honour to the inventor of the bitcoin the smallest unit of a bitcoin is known as a satoshi.
In Japanese, the name Satoshi is translated as clear-thinking or wise.
Satoshis are the smallest original subunit of Bitcoin, which is divisible by up to eight decimal places. At current prices, this makes a single satoshi worth around 0.02 cents as at December 2020.
- Difficulty in mining bitcoin
Bitcoin is not found on the ground or found at the doorstep of your house. Bitcoin is scarce, and therefore holds incredible value.
The chances of your computer mining only one bitcoin is 1 in 16 trillion.
Bitcoin mining difficulty, which measures the competitiveness of bitcoin miners racing on the network, increased by 10.79% as of Saturday, January 9, 2021, to 20.65 trillion – the first time above the 20 trillion levels.
Regardless of the number of miners, it still takes 10 minutes to mine one Bitcoin.
It will take about 72,000 GW (or 72 Terawatts) of power to mine a Bitcoin using the average power.
4.One Bitcoin is so much
Only one bitcoin is worth a heavy amount of money.
Bitcoins have value because they are useful as a form of money.
Just one bitcoin can eventually make you a Millionaire.
One bitcoin in dollars is 36,800.00 United States Dollar,27,045.61 in the British Pound,30,382.63 Euro,14,030,000.00 in the Nigerian Naira,215,099.86 in Ghanaian Cedi as of 15 January 2021.
Bitcoin is backed by mathematics and can be measured by its growing base of users, merchants, and startups.
5.How Bitcoin works
You might have heard many about the most valuable cryptocurrency but do you really know how it works?
Each Bitcoin is basically a computer file that is stored in a ‘digital wallet’ app on a smartphone or computer.
As a new user, you can get started with Bitcoin without understanding the technical details. Once you’ve installed a Bitcoin wallet on your computer or mobile phone, it will generate your first Bitcoin address and you can create more whenever you need one.
You can disclose your addresses to your friends so that they can pay you or vice versa.
If you want to learn more of the details, you can read the original paper that describes its design, the developer documentation or explore the Bitcoin wiki.
6.If You Lose Your Private Key, you Lose Your Bitcoins
Every bitcoin account has a digital wallet.
You can log in and check your balance at any time but with a private key or password.
You have to be very careful when it comes to storing your password and key because it allows you to get access to your digital bitcoin wallet.
However, in case you lose this access, you’ll lose access to your Bitcoin wallet and the amount you have inside.
About 20% of the bitcoin wallet has been blocked due to losses of the key.
Tens of billions worth of Bitcoin has been locked by people who forgot their key.
According to cryptocurrency data firm Chainalysis, about $140 billion appear to be in lost or otherwise stranded wallets.
- Bitcoin transactions are irreversible
Transactions on bitcoins can’t be reversed after it is done unlike bank transfers which can be can be tracked and reversed if needed.
But in bitcoin transactions, once the money has been sent, you can’t recoup it
.That is, they can never be undone once committed.
It can only be refunded by the person receiving the funds.
Therefore, you should take care to do business with people and organizations you know and trust, or who have an established reputation.
Bitcoin is a very good investment and can improve your standard of living.
It’s advisable to read more about it before you start to mine bitcoins.
You can visit the official bitcoin [email protected]