Surprising Facts about Bitcoin that you must know!

You must have heard about the very popular cryptocurrency, Bitcoin. People tend to share their opinions and views about the Bitcoin network and its working out, which some are utterly negative while some benefit society. Whether you invest or trade in bitcoin or not, you must hear robust discussions of people and learn how meaningful they are. Every opinion or view of other people would affect your decision to invest in bitcoin and other cryptocurrencies.

Bitcoin was the first cryptocurrency introduced in the financial market, and people were shocked to hear that there is a system independent of government. Yes, bitcoin is a decentralized currency that has no involvement of the government or banks.

Another sure thing about bitcoin is that it is based on blockchain technology which uses cryptographic methods which prevent fraud. You can download the software of bitcoin trading, and Bitcoin Prime will help you to trade efficiently.

If you are a newbie but want to learn everything about Bitcoin currency, we are introducing some astonishing facts about bitcoin that can improve your knowledge.

The creator of Bitcoin

Everywhere only a single name came out to be the creator of bitcoin that is Satoshi Nakamoto. It is said that Bitcoin was developed in 2009 by Satoshi Nakamoto, who remained anonymous. After two years of development of bitcoin, he got disappeared, leaving no clue to bitcoin adopters.

Many people across the world claimed to be Satoshi, but no one succeeded in proving their statements. So as of now, Satoshi Nakamoto is a mysterious entity that created the Bitcoin network.

Bitcoin Pizza Day

Surprised to know that there is a bitcoin pizza day? Yes, 22nd May is notable as Bitcoin Pizza Day when a person purchased two pizzas for 10,000 bitcoins. The purchase of pizzas is known as the first purchase using Bitcoins.

Supply of Bitcoin

You may only know about fiat currencies that get printed whenever there’s a shortage or need to print more money. The case of Bitcoin is entirely different. The supply of Bitcoin is limited.

Bitcoin is a computer code, and the creator of Bitcoin made only 21 million Bitcoins. Bitcoins aren’t printed but are mined through the mining process. Currently, there are 18.5 million bitcoins that are in circulation.

Irreversible transactions

The traditional forms of payments are easily reversed and tracked whenever required, but bitcoin’s coin is entirely different. Once a user has initiated a transaction, it is next to impossible to reverse it.

Irreversible transactions are a unique feature of bitcoin, which was made to eliminate the need for banks. Because the transactions are irreversible, all users must cross-check the number of funds and address you are sending funds.

..

..

..

..

Continue Reading: https://www.insightssuccess.com/surprising-facts-about-bitcoin-that-you-must-know/.

--

--

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store
Insights Success

Insights Success is an archway that caters to Entrepreneurs’ quench of technology and business updates which are currently ruling the business world.