There are a few crypto-currencies in circulation right now but the most famous one is Bitcoin (BTC). While it’s working methodology is confusing for some, the concept is quite simple. It has been formulated in such a way that it is decentralized i.e. it is not governed by any bank. Established in 2009, it had a meteoric rise after 2011.
Let’s leave all the technical jargon to the techs and read ten amazing facts about bitcoin.
The Mystery Founder
Bitcoin was founded in 2008 by a mystery person named Satoshi Nakamoto. No one has any idea about his identity, even whether he is an individual or an entity. Satoshi Nakamoto is believed to have mined 1M bitcoins.
It’s finite, not infinite
Bitcoins are generated by a process called mining. There’s is a finite number of bitcoins i.e., 21M. By the year 2140, all of them will be mined. The process gets difficult and difficult as all the bitcoins are about to get mined.
Bitcoin Network – one of the most powerful in the world
The Bitcoin network is the most powerful in the world; even more than the world’s fastest supercomputers. The computing power of five such supercomputers cannot reach the potential of the bitcoin network.
Bitcoin transaction cannot be reversed
The records of the Bitcoin transactions cannot be altered once it happens. This is because once the transaction takes place the record of the transaction is logged in multiple destinations.
Lose your wallet and you lose everything
Bitcoins are normally saved in what’s called a bitcoin wallet. A bitcoin wallet is like a physical wallet, which is created when you sign up. A bitcoin wallet is owned by one person only. If a bitcoin owner loses the bitcoin wallet, the bitcoins are lost forever. It’s unusable by any person who finds the bitcoins too.
No one controls bitcoin
Currency or money is controlled by banks, and the value is based on the current global market. But, bitcoin is controlled by everyone who uses the software which logs and approves the transaction. In fact, every transaction that happens in bitcoin is transparent, but the personal data is not.
Largest bitcoin wallet is owned by FBI
Silk Road, the online marketplace was accumulating a fortune in bitcoin through illegal activities. Silk Road was the reason for around 5% of bitcoin’s economy before it was seized by the FBI. After the seizure, FBI holds around $120M in bitcoins i.e. 1.5%. But the fact is that FBI could seize only 20% of the bitcoins owned by Robert Ulbricht, the man running the Silk Road.
How much is a bitcoin worth?
During the first bitcoin transaction, one bitcoin was less than a cent. Since then, it has been a series of ups and downs. In 2011, the price of a bitcoin reached $1. The price steadily increased until 2013 when the closure of the Silk Road caused the price to fall yet again. December 2017, the bitcoin reached a record high of $19455 and has had a fall since. As of Feb 2018, one bitcoin is trading at $10700.
A pizza was the first legal purchase made using bitcoins. The pizza was worth 10,000 bitcoins. If you are a casino lover, you can use bitcoins for transactions at a mobile casino. You can even donate to a charity. When WikiLeaks was asking for donations, money transfer companies refused to process the donations. Donations were made in the form of bitcoins then.
Gambling using bitcoin
Bitcoin offers anonymity and little to no transfer fees that the money transfer intermediaries levy otherwise. Many mobile casinos with excellent casino games like online Blackjack, Roulette, Slots mobile and much more played at the comfort of home are in the process of creating a system which allows them to accept bitcoins as a payment from the players.
The information is provided by Jackpot Mobile Casino which is one of the reputed casinos that offers seamless casino gaming experience. You might have read the facts about the bitcoin for yourselves and it is up to you to use it or not.