6 Interesting Bitcoin Facts That You Probably Didn't Know About
Bitcoin, which was invented by an unknown programmer, was first launched sometime in January 2009. Since then, it acquired a huge following. Now, the number of people using it has dramatically increased. They’ve finally come to realize the amazing benefits that the cryptocurrency offers. The “Internet of Money” is widely used for all sort of online transactions. |
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Without further ado, below are the 5 things that you need to know about Bitcoin.
#1. Its Main Purpose
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Initially, the cryptocurrency was built to be a working alternative to physical money. But actually, it was meant to decentralize banks that have been responsible in controlling the economy of most countries. That is why people who doubt the fairness and efficiency of banks are more likely to be attracted to the online currency’s system. In fact, more and more internet-based companies are offering payment methods with Bitcoin included. It’s safe to say that the system has finally impacted the economy of a country.
#2. The Creator Still Remains To Be Mystery Figure
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As mentioned, little is known about the creator of Bitcoin. However, it is believed that Satoshi Nakamoto is the core founder of the system. Nobody knows his real name or where he is situated. While many see him as the founder of the cryptocurrency, his real identity is still a huge mystery. There have been a number of known figures linked to Nakamoto. These are namely, Nick Szabo, Dorian Nakamoto, Craig Steven Wright, and Hal Finney, among others. Some enthusiasts believe that Nakamoto refers to a group of people. Regardless, the founder is said to own around 1 million units of Bitcoin, a figure that is equivalent to $2.7 billion.
#3. There’s a Limit
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Contrary to popular belief, Bitcoin actually has a limit. It’s limited in terms of circulation and will never go beyond 21 million units. This is where the process called mining enters. In its most organic form, the process involves the generation of Bitcoin digitally. Its system, however, have pre-defined schedule. This provides the limitation, preventing the online currency from circulating beyond the said number. This could explain the reason why mining nowadays have become more difficult. It’s believe that the currency is gradually nearing its finish line.
#4. The First Purchased Items
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The first ever Bitcoin-related purchase happened between Hal Finney and Satoshi back in 2009. They used the cryptocurrency to place an order for two large-sized Papa John’s pizza. It was worth $25 back then. In order to reach the said amount, there were around 10,000 Bitcoins generated. But believe it or not, this quantity is now equivalent to $27 million.
#5. Its Network is Far More Robust Than Any Supercomputers
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Experts in computer technology suggest that Bitcoin’s network system can defeat any known supercomputers. Take note that its system has a computing power of 64 exaFLOPS. In other words, it’s extremely powerful compared to 500 supercomputers combined. The latter is only equal to 0.250 exaFLOPS. This makes Bitcoin’s network 256 times faster.
So how exactly does the currency do it? Well, it’s actually thanks to the miners. They simply use processing powers of multiple hardware. Take note that the term “mining” also refers to the process of adding transaction to the past transactions’ public ledger. The network’s purpose is to provide a more secure and tamper-resistant process for transaction.
#6. Bitcoin in Space is True
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Yes, that is right – Bitcoin has already invaded space. This was made possible by a Bitcoin cloud mining provider called Genesis Mining. They sent the cryptocurrency to space back in 2016. A 3D model of the online money was used and was wrapped in a Bitcoin paper wallet. The company then sent the package to space through a weather balloon. The journey was well-document thanks to an installed GoPro device. As soon as it reached a height of 20 kms, the ground team immediately made a transaction to the paper wallet.
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