10 Unknown facts about Bitcoin you didn't know !!
10 Unknown facts about Bitcoin you didn't know !!
Bitcoin has become a household name in recent years, but there are still many little-known facts about this digital currency. In this post, we explore ten unknown facts about Bitcoin that you may not have heard.
1. Bitcoin creator is unknown:
The creator of Bitcoin, who goes by the pseudonym Satoshi Nakamoto, has never been identified. The true identity of the person or group behind Bitcoin remains a mystery.
2. The first bitcoin transaction was for pizza:
The first ever Bitcoin transaction was made in 2010 for two pizzas that were purchased for 10,000 Bitcoins.
3. The total number of bitcoins is finite:
The total number of Bitcoins that will ever exist is 21 million. Once this number is reached, no new bitcoins will be created.
4. Bitcoin transactions are irreversible:
Once a Bitcoin transaction is complete, it cannot be reversed or canceled. This means that it is important to check all the details before making a transaction.
5. Bitcoin mining uses a lot of energy:
Bitcoin mining, which is the process of creating new Bitcoins, requires a lot of energy. In fact, the energy consumption of Bitcoin mining is equivalent to the energy consumption of entire countries.
6. The smallest unit of Bitcoin is the satoshi:
One satoshi is the smallest unit of bitcoin and is equal to one hundred millionth of a bitcoin.
7. The FBI has a large amount of bitcoins:
The FBI seized over 144,000 bitcoins from Silk Road in 2013, which was worth approximately $28.5 million at the time.
8. Bitcoin is not completely anonymous:
While Bitcoin transactions are pseudonymous, meaning they are not directly linked to an individual's true identity, it is still possible to track Bitcoin transactions through the blockchain.
9. Bitcoin has been used for illegal activities:
Due to its relative anonymity and lack of government control, Bitcoin has been used for illegal activities, including drug trafficking and money laundering.
10. The value of Bitcoin has been extremely volatile:
Bitcoin's value has fluctuated dramatically since its inception, with some investors making huge profits and others losing money. In 2017, the value of Bitcoin climbed to almost $20,000 and in 2018 it fell to around $3,000.
In the conclusion, Bitcoin continues to be a fascinating topic of discussion and these ten unknown facts about Bitcoin give us a deeper understanding of this digital currency. Despite many challenges and controversies, Bitcoin remains an innovative and valuable technology that is changing the way we think about money and transactions.
This information is collected from the internet. Thank you for reading.