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10 Things you may not know about Bitcoins

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Bitcoin is one of the renowned cryptocurrency in the crypto world. With lots of popularity about Bitcoins, many people believe that they know everything about this digital currency. Bitcoin has been discovered in the year 2008 and since then, Bitcoin has gone through lots of changes. If you think, you know all about Bitcoins, the points that we will mention in this article, will certainly amaze you.

So, are you excited to know all about Bitcoins? In this article, we can help you know everything about Bitcoins that no one knew.

The mysterious creator of Bitcoin

In the year 2008, a person named Satoshi Nakamoto introduced the name and concept of Bitcoins. He was present on social media platforms till 2010. But, after that, no one knows what happened to him. No one has any idea whether this person is dead or alive. Just as his identity is unknown, many other people from different countries claim that they have discovered Bitcoin. No one is sure about the creator of Bitcoins. The bitcoin wallet of Satoshi Nakamoto holds 9,80,000 bitcoins, which makes him the richest person in the world.

What’s Satoshi?

As a token of respect to the “so called” creator of Bitcoin Satoshi Nakamoto, the smallest unit of bitcoin is called the satoshi. The value of one satoshi is 0.00005 US Dollars. This is a very very little value. As per the current value of Bitcoins, you need 15,800 satoshi to make a dollar.

Can you lose bitcoins?

Most people think that since Bitcoins are virtual currency, there is no possibility that you can lose Bitcoins. Well, you can’t lose your Bitcoins, but if you lose private keys to your Bitcoin wallet, you may never get the access to your bitcoin wallet. This simply means that you can lose bitcoins, if you don’t take care of your Bitcoin wallet. As per a research, it has been found that at least 60% of all bitcoin addresses are ghost. This means, almost 60% of people who hold bitcoins have lost their Bitcoin address.

Liberland

This is one of the most amazing facts about Bitcoin. Liberland is a country between Croatia and Serbia. The country was founded by a politician. You will be surprised to know that the official currency of Liberland is Bitcoin.

Processing power

The mining process of Bitcoins is pretty expensive and it is almost impossible for a layman to mine bitcoins. You have to put a lot of time, energy, money, and electricity to mine Bitcoins. Bitcoins mining process also needs a special type of Servers created for the purpose. The faster data you have the more amount of Bitcoins you will be able to mine.

Consumption of power

All Bitcoin mining farms consume a total of 60 terabyte electricity, which is much more than the consumption of electricity by the country Ireland.

Ban on Bitcoin

Although developed countries around the world like America and Canada have whole-heartedly accepted Bitcoins, there are certain countries in the world who have problems with the use of Bitcoins. Countries like Bolivia, Bangladesh, and India have completely banned the use of Bitcoins. In addition to this, there are countries like India and Iran who have asked it’s citizens to be careful while making any investment and transactions in Bitcoins. This means, these countries have not accepted Bitcoins completely.

Limited number of Bitcoin

This is one of the interesting facts about Bitcoins that most people believe is false. There is a limit on the number of Bitcoins that can be mined in the world. As per the limit, only 21 Million bitcoins can be mined all across the world. 16 million bitcoins have already been mined and the remaining 5 million bitcoins will be mined till the year 2041.

The power of B

Bitcoin, with an uppercase, and bitcoin with a lowercase b has different meanings. Bitcoin with uppercase B means the ledger that stores bitcoin and the bitcoin with lowercase b means the cryptocurrency.

Supercomputer

You can’t use the regular computers to mine bitcoins. Computers with speed more than supercomputers can be used to mine Bitcoins with maximum ease.

For more information you can go through this site marketbusinessnews.com

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