10 things you need to know about Bitcoin

10 things you need to know about bitcoins

Bitcoin is getting popular day by day, people are looking forward to invest in it. Recently Indian government has also shown a positive side for the use of this cryptocurrency and for the technology and said to stop the illegitimate use of the cryptocurrencies or bitcoin.

While Bitcoin is not the only cryptocurrency in the market, it is still the most valued cryptocurrency, and then comes Ethereum, Litecoin, Bitcoin Cash etc.

So let us find out some quick facts about bitcoins........

11)      FBI owns 1.5% of the world’s bitcoins- after shutting down the internet black market silk road, the FBI seized its assets too, and became one of the wealthiest bitcoin operators in the world.

22)      No one knows who created Bitcoins , just a name Satoshi Nakamoto- in 2008 someone or a group of people created bitcoin, but the mystery is still a mystery, that who is the real creator of bitcoin, only a name exists “ Satoshi Nakamoto”

33)      Bitcoin transactions are measured in Satoshis—satoshi is the smallest unit of the bitcoin currency recorded on the blockchain. 1 satoshi is equal to 0.00000001 bitcoin. That means it is a one hundred milllonth of a sigle bitcoin.

44)      Bitcoin network is more powerful than 500 supercomputers put together—Actually bitcoin mining computers are mainly doing SHA256, and this is what they are good at, special hardware is dedicated to perform such calculations, but still they are somehow comparable to supercomputers and in reality supercomputers are 500 times slower than these mining computers or i should say the bitcoin network.

55)      The countries -Countries like Japan,Germany,Switzerland America, Australia, Canada and many others have accepted Bitcoins, in Germany you can even buy a house with bitcoins. On the other hand there are countries who still don't want to accept bitcoins, like- Russia, Bolivia, Balgladesh etc

66)      Bitcoins are decentralized- Bitcoins are decentralized because of the fact  that it is based on the blockchain technology and on a peer to peer global network. No government, bank or authority has any controle over this network and thus on bitcoin.

77)      A new block of coin is solved in every 10 minutes by miners- Miners are people who have the required hardware to mine bitcoins, these miners validate every transaction and in return they receive a benefit of some bitcoins which is all shown in the Blockchain ledger.

88)      64% of bitcoins have never been used and most probably will never be used- Because of owner misplacements of their wallet keys, such a huge number f bitcoins are never goin to be used. There are more than 15 million mined bitcoins, but the actual number  of bitcoins that are in use is very less than that

99)      All bitcoins transactions are transparent -  All the transaction happening on the blockchain network can be seen by anyone, its public and transparent.

110)   The technology bitcoin is based on is known as Blockchain- every node connected to the network is a part of the blockchain network, its basically a technology , a chain of blocks. A block is a current part of a blockchain, which after completion goes permanently  into the blockchain database. A blockchain is a public ledger that has all the trasactions recorded that has happened ever.

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                    Here is an infographic summarizing the facts:

               Sources: https://socialmediaweek.org,https://reddit.com , https://steemit.com,etc.