On In Tech Reads

12 Interesting Facts About Bitcoin, The Most Illegally Used Currency! 

Bitcoin is probably the most trending currency that many people aren't that aware of. A simple definition of Bitcoin would be- A type of digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds, operating independently of a central bank.Breaking the things down, Bitcoin is a virtual currency not controlled by any organisation but a currency mined by the computers and used for online selling and buying. The fact that no one is regulating Bitcoin indeed makes it an unsafe manner to make your payments, but there is more to the story. And that is the reason why we are bringing to you these 12 amazing facts about Bitcoin that you might not know! 

1. Creator of Bitcoin.

Satoshi Nakamoto is the creator(s) of Bitcoin, but there are still many questions about the identity of Satoshi. Many people claim Satoshi Nakamoto to be a group of people. Also, it is believed that Satoshi Nakamoto own(s) about 1 million of Bitcoin which is worth around $2.5 billion. 

2. Limit of Bitcoin.

Though we are seeing Bitcoin mining trending like never before, the bitter truth says that Bitcoins are limited.The number of Bitcoins will never exceed 21 million. As of July 2016, the number of Bitcoins in existence were counted to be around 15.7 million.

3. The identity of sender/receiver. 

It is impossible to know anything about the sender/receiver when a transaction is done via Bitcoin. So when a transaction is done, no identity is revealed on both the ends. The main reason behind this is that the Bitcoin address is defined by a 34 digit alpha numeric code to secure the identity and hence even the sender will never know to whom the Bitcoins are being sent. Also, this is the reason why Bitcoin is used for illegal transactions on dark net. 

4. Bitcoin transactions are irreversible. 

Unlike most of the payment options nowadays, a transaction done via Bitcoin is irreversible so once the money is sent, there is no coming back. 

5. FBI has around 1,44,000 Bitcoins.

When FBI seized the Silk Road operation, they also seized all the Bitcoins derived from the operation. It is estimated that FBI has more than 1,44,000 Bitcoins with them worth around $390 million at the current exchange rate. 

6. Bitcoin is controlled.

In the recent past, we have seen such a fluctuation in Bitcoin prices that makes this currency highly unstable. But there is a fact that you might not know, the majority of Bitcoins are held by 10-15 people who can control the currency price. This makes trading in Bitcoin the biggest risk of all time. 

7. A pizza was bought with 10,000 Bitcoins. 

The first ever recorded purchase made via Bitcoins was a pizza. About a year after the inception of Bitcoin, a guy bought a pizza worth USD $25 and made the payment via Bitcoins which he mined from his computer. If the same transaction were made today, the pizza would cost in millions. 

8. You can mine Bitcoins.

Yes, it is possible to make money in form of Bitcoins and that would not cost you skills but just a set of computer parts that can be given to various online miners who make the payments in form of Bitcoin. 

10. WikiLeaks.

The international whistle-blower website once only had one option to accept the donations and it was through Bitcoin. The company was refused to deal with by most of the leading money transfer companies. So WikiLeaks turned to Bitcoins. 

9. Losing a wallet means losing all the Bitcoins. 

Bitcoins are always linked with the account so in case a user fails to access his account, all the Bitcoins are gone for forever. 

11. 4 cents.

After a year of its launch, in early 2010, the value of a Bitcoin was 4 cents. 

12. Lamborghini

Lamborghini was the first car maker who started accepting Bitcoins in exchange for their cars. If you found these facts interesting, don't forget to share the article.