Home > Finance > Some unheard things about Bitcoin!

Some unheard things about Bitcoin!

159 Views
photo 1599076864593 0515cc02c1a7

If you don't have heard about bitcoin, then you must be sleeping, or you don't use the Internet. Cryptocurrency is the most exciting thing nowadays, and everyone is attracted to it. Bitcoin is a digital currency that you can use as a common payment method and make international transactions in seconds. It is a lot better than the traditional payment methods such as credit cards and debit cards.

Bitcoin works on blockchain technology, which makes the transactions highly encrypted and offers an excellent level of safety and privacy to the users. There are several impressive features of bitcoin, and you must be knowing about only some of them.

Everybody knows what it bitcoin and how does it work, but there are few facts about bitcoin that you never knew. You can visit here to Make money to gain more knowledge about bitcoin and its trading. If you want to know about some of the most unique and rare things related to bitcoin, then you can read the following paragraphs.

Who created bitcoins?

If we talk about unknown facts about bitcoin, then the top fact will be about the creator of bitcoin. Bitcoin is undoubtedly the most trending digital currency all over the world, but you would surely not know that the founder of bitcoin is still a mystery. There is no proof to date that who created bitcoin. Satoshi Nakamoto is the name that is associated with the founder of bitcoin, but no one has seen him. No one even knows that if he is alive or not.

He has a bitcoin wallet, which has around 980000 bitcoins, which values to approximately $13263516000. If he is alive, then it makes him the wealthiest person alive in the world.

Satoshi is a bitcoin Unit.

Satoshi Nakamoto, who is believed to be the founder of bitcoin, was honored by making the smallest unit of bitcoin termed as a Satoshi. Now Satoshi is a bitcoin unit, and one bitcoin includes more than a hundred million satoshis. So, now all the bitcoin calculations and statements are made by using Satoshi as the unit for bitcoins.

Lost bitcoins cannot be recovered

Bitcoin is stored in a virtual wallet, which is known as a bitcoin wallet. A private key is used to access each wallet, and no one can access the wallet without the key, not even the owner himself. You need to keep the private key safe as if you lost it; then, you will not only lose access to the wallet but the bitcoins too.

It is a common mistake that most users make, which is the major reason why around 605 of all bitcoin wallets are ghosts. It means all of those users have lost their private keys and now cannot access their wallets and use the bitcoins.

Bitcoin is banned in some regions.

There are several countries such as Canada which are promoting the use of bitcoins and are moving forwards to make it the common medium of exchange. But at the same time, there are few such countries too which have not accepted bitcoins and have placed a ban on its usage. Some of such countries are Iceland, Bangladesh, etc.

There are some countries such as India which has neither accepted it fully nor banned it. It has just made the public aware of it and requested them to be careful while using it. However, bitcoins transactions are not considered legal there too.

Bitcoin Network is faster than a supercomputer.

The supercomputer is super-fast, and the world's fastest supercomputer is ' Summit,' which offers a speed of 122.3 petaflops. It is immensely fast as compared to regular systems, but your mind will be blown after knowing that the Bitcoin Network works at the speed of 80,704,290  petaflops, and the fastest supercomputer stand nowhere in front of it. 

Enables illegal purchases

One of the biggest reasons behind the increasing popularity of bitcoin is that it provides a safe way for people to do illegal activities. Bitcoin transactions are completely anonymous, which allows the user to use it for buying anything as no details are stored. Some people are using it for buying weapons, hiring a killer, which is illegal, but no one can do anything about it.

TAGS , , , , , , , ,
Syandita Malakar Hi guys this is Syandita. I started Business Module Hub to help you all to post updated articles on technologies, gadgets. Although I love to write about travel, food, fashion and so on. I quite love reading the articles of Business Module Hub it always update me about the new technologies and the inventions. Hope you will find Business Module Hub interesting in various way and help you accordingly. Keep blogging and stay connected....!

Related Articles

Business Module Hub