There's has been a dramatic increase in the price of bitcoin cryptocurrency, sparking a lot of interest from many people.
It's becoming widely accepted as a means of exchange and many people have actually heard about it.
Well, here are some of the most interesting facts about bitcoin cryptocurrency.
The creator of Bitcoin is Satoshi Nakamoto and he has remained a mystery for the time that the cryptocurrency has been in existence.
Currently, he is believed to own at least 1 million bitcoins which is about $2 billion.
There are many people who have been linked to this identity but no one has yet been able to identify the real person behind the fictitious name.
The cryptocurrency is actually limited in number. Bitcoin mining is a process of generating the cryptocurrency but it doesn't mean that there's an infinite number.
There's a predefined schedule that has determined the number of bitcoins in the market, which is approaching 21 million thus making the mining process harder with each passing day.
When a person is trading using bitcoins it's hard to know the recipient and sender. The addresses consist of 34 alphanumeric characters that make it tough to know who is transacting.
Actually, because of this reasons numerous transactions are done under the dark web using bitcoins. Even better, there are wallet programs which assign a portfolio ID to the user and it's also a username that provides more privacy.
The first ever transaction recorded using bitcoin was the purchase of pizza in 2009.
Satoshi, the bitcoin creator, bought pizza worth $25 where 10,000 bitcoins were used. With the successful transaction, bitcoins became popular and many other people started using them for their own transactions.
Currently, the bitcoin network has become very powerful over the years, even better than supercomputers.
It's impossible to reverse a bitcoin transaction. It's quite different from numerous other platforms on the internet such as Paypal where you can reverse the transaction especially if there were a few errors.
Therefore, regardless of the transaction, anyone using the cryptocurrency can't get their money back when it's been forwarded to the recipient.
Over the last few years, bitcoin wallets have become quite popular. They are similar to online bank accounts but are still anonymous.
Therefore, it's a very secure storage system where a person can store their bitcoins safely. Note that, if the bitcoin wallet is lost, the bitcoins stored there are also lost completely.
As mentioned the bitcoin wallet is completely secure and no one can access someone else's wallet without their permission. If you have access to the bitcoin wallet address, it's easy to see the number of bitcoins someone has accumulated.
Finally, the cryptocurrency is very volatile. It was launched in the last decade during which it has become one of the most interesting phenomenon in the digital world.
It's stronger than the standard US dollar but the price keeps fluctuating making it very volatile. Very few people control most of the bitcoins thus defeating the actual nature of decentralization.