7 Things you Probably Didn’t Know About Bitcoin
Bitcoin has taken the world by storm since its arrival in 2009, quickly establishing itself as the number one cryptocurrency, and while most people know that Bitcoin is a digital currency, here are a few things that you probably didn’t know about this unique digital currency.
- Anonymous Creator – The person who first created Bitcoin goes by the name of Satoshi Nakamoto, yet no one is able to confirm that this person actually exists. Satoshi published a paper in 2008 entitled, “Bitcoin: A Peer to Peer Electronic Exchange System”, and shortly after the introduction, Satoshi never again surfaced. Some believe the name is a pseudonym that represents a group of software developers, but to this day, no one is certain regarding his identity.
- There Are a Finite Number of Bitcoins – Bitcoins are mined, which involves having a bank of super computers that search for complex algorithms, and should a Bitcoin miner discover a Bitcoin, they are awarded a specific number of Bitcoins as a reward. Satoshi Nakamoto stated that there are a total of 21 million Bitcoins in existence, and experts predict the last Bitcoin will be mined around the year 2040.
- The Very First Bitcoin Transaction Was to Buy Pizza – The first recorded Bitcoin transaction was made by Satoshi Nakamoto to Hal Finney, to pay for $25 of pizza, which cost 10,000 Bitcoin!
- You Cannot Reverse a Bitcoin Transaction – When you enter the data into your Bitcoin virtual wallet; the recipient and the amount, once you hit the “send” button, there is no going back. The moment you send a specific amount of Bitcoin to another user, those funds are instantly transferred from your account to theirs, and you cannot undo the transaction. If you wish to buy Bitcoin, once you pay the equivalent in a fiat currency, those funds are transferred to the seller and you are instantly credited with the equivalent in Bitcoin.
- Bitcoin Cannot Be Banned – It is no secret that banks and governments do not like Bitcoin, as they have absolutely no control over the network, and as the blockchain uses the Internet, there is no way it can be banned.
- Bitcoin Spiked at a Record High in December 2017 – On the 17th December 2017, Bitcoin spiked at an incredible U$ 19,783, which is still the highest value ever recorded. Of course, like every other commodity, Bitcoin prices fluctuate, so there is an element of risk when you invest in Bitcoin.
- Bitcoin is Anonymous – When you send a recipient an amount of Bitcoin, the only people who know about this are you and, of course, the recipient. This obviously attracts those carrying out illegal activities, and it is estimated that approximately half of all Bitcoin transactions involve illegal activities. Governments can no longer access certain people’s financial transaction histories, as they could when using bank transfers, and this is proving to be a major headache for governments in their fight to catch criminals.
If you would like to get started and buy some Bitcoin, simply search online for a trusted Bitcoin dealer, and they would guide you through the process.