Bitcoin is easily one of the world’s most popular cryptocurrencies today. It was also the first of its kind when it was launched in 2008, and it celebrated its 10 years as a world-leading cryptocurrency last year itself.
Bitcoin gained a lot of traction a few months back when news about investors of the virtual currency enjoying massive returns made headlines. However, if you want to invest in the currency yourself or are just curious about its fundamental aspects, then there are 5 interesting things that you need to know which are given below. However, first things first:
What is Bitcoin? Who Controls it?
Bitcoin is an encrypted virtual currency which is why it’s also called a cryptocurrency. It’s based on blockchain technology which is basically a virtual ledger that records the details of all the transactions on the network.
What makes bitcoin so interesting is the fact that no person, computer, or entity has central control or authority over it like other currencies. What’s more, since the ledger is distributed publicly, anyone can authenticate a transaction in real-time.
The following are 5 interesting things about bitcoin that you need to know:
1. Number of Bitcoins are Limited
The supply of traditional currency like dollar or pound can be increased or decreased by the central banks around the world on the fly. However, the maximum number of bitcoins that can ever exist is finite– 21 million to be exact. Also, 80% of these i.e. around 16.8 billion are already in circulation. This means that only 4.2 million new coins can be generated now which explains the craziness for the cryptocurrency in the market.
2. Bitcoin Gambling is Becoming Bigger
Given the nature of online gambling which encourages anonymity, security, and easy accessibility, bitcoin has become quite popular in the industry. This is because it allows for easy and quick transactions and allows wealthy gamblers to play their favorite games to their heart’s content without revealing their true identities on the Internet.
3. It’s not the Only One
Many people think that bitcoin is synonymous with virtual currency i.e. it’s one of a kind. However, there are many other cryptocurrencies that are also quite popular. These include Litecoin, Monero, NEO, Ripple, Ethereum, etc.
It’s worth noting that the world’s biggest social media network Facebook itself has announced a new cryptocurrency Libra that it’s backing with the help of giants like Visa, Uber, and Mastercard.
4. FBI Owns One of the Largest Bitcoin Wallets
A long time ago, the FBI brought down a mega black market site called the Silk Road. On this site, a large number of transactions were made with bitcoin. This means that the agency possesses all the bitcoins that were used on the site. It’s further backed by the fact that by the end of the year 2019, it was found to be owning around 1.5% of all the bitcoins that existed in the world at the moment.
5. You Send and Receive Bitcoins with Bitcoin Wallets
You can’t send or receive bitcoin currency unless you have a bitcoin wallet. Each wallet has a bitcoin address which is an alphanumeric code that has characters ranging from 27-54 in length.
As for the bitcoin transactions, most are completed within an hour. However, it can also take longer than that depending on the service provider.
So, there you have it- 5 awe-inspiring and informative things about bitcoin that you need to know. Which one did you find the most interesting? Let us know in the comments section below!
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