Mystical money on the internet has gained enormous popularity over the last 8 years with all its ups and down prices and still, it remains as the undisputed king of cryptocurrency.
Some people are very actively involved in using bitcoin for both investment and daily purposes. Still, a large minority have not started acquiring bitcoin and have no plans of using it. They are those who are yet to see the power of cryptocurrencies.
Realities of Bitcoin
Bitcoin pizza day is been celebrated on 22nd May 2010. Initially, when bitcoins were mined it was virtually worthless because it costs cents to buy a BTC. This scenario was from 22nd May 2010. It was when Laszlo Hanyecz for 10,000 BTC exchanged two Papa John’s Pizzas. The worth of 10,000 BTC was $41 during that period. That was officially documented as the first purchase of goods using bitcoins. This purchase became big news to talk because no retailer accepted bitcoins those times as goods and services.
The inventor is still unknown. Since from the day of invention, it is still a mystery who the father of bitcoin is. The Bitcoin Whitepaper was opened to the public under the pseudonym of Satoshi Nakamoto. The identity of whom “Satoshi” is still a mystery yet to be solved.
Despite all the confusions, some people claimed themselves as the father of bitcoin, one among them is Craig Wright, an Australian Entrepreneur, in May 2016 claimed to be the inventor of Bitcoin. However, later on, that turned out to be just scammer. He and his partner together planned and tried to create a version of bitcoin called Bitcoin Cash and made fool of lots of innocent users to lose their hard-earned money.
There have been rumours going around that Samsung, Toshiba, Nakamichi, and Motorola together created Bitcoin.
It was mentioned as Satoshi Nakamoto and so rumours started spreading,
Samsung and Toshiba —- Satoshi
Nakamichi and Motorola —- Nakamoto
Are Bitcoins Traceable?
While undergoing any bitcoin transactions your name/ identity is not used in any form. The only public address is available whereas the blockchain of bitcoin is a permanent ledger and it is transparent, it is accessible to see the availability of bitcoins you hold and the transactions that are been made. That was how the FBI was able to burst off the Silk Road owner. There is a possible chance wherein you can hide public address and IP by using a service called Bitmixer.io or a VPN.
The very essential key in life
In November 2013, an IT guy named James Howells lost 7500 bitcoins. when he was cleaning his house he threw away the hard disk which contained the private keys of bitcoin which was mined in 2010. Days later while reading the news of Norwegian staff who made fortune by buying BTC at a low price he realized and went in search of keys but was not able to find. Nearly 25% of bitcoins are lost forever. Private keys are very important, without the private key, the funds are lost forever and no one can use them.
Bitcoins are not fruits
Just like money, bitcoins also don’t grow on trees. You cannot see, feel, print or touch bitcoins as like our traditional money. Bitcoins come into existence when the miners mine bitcoins from the blockchain network. The mining power of bitcoin is nearly 300 times more powerful than combining the world’s top 5 supercomputers.
Are bitcoins supply limited to 21 million?
Nearly 16.3 million bitcoins have already been mined, it’s been traded, and the last bitcoin will be mined around the year 2140 and after that, there would be no bitcoin available.
Lot more to buy using bitcoin
The question is
What not you can buy using bitcoin?
You can buy
- Starbucks coffee
- Funeral items in the US
- A ride to space with Virgin Galactic
- E-commerce with Purse.io
- Book a flight for BTC
- A Tesla car
|Year||Price at the start of the year||Price at the end of the year||Growth about %|
In addition, you would have noticed, the year 2014 is missed and it is because of MtGox hack in 2014 where the price dropped from $751 to $285 and resulted in investor’s loss for about 62% rather than that in every other year the price of bitcoin been steadily increased.
Can bitcoins be banned?
There is a constant belief about banning bitcoin because of its nature. As it works outside the Jurisdiction of the traditional banking system bitcoin is been unfriendly.
Bangladesh, Bolivia, Thailand, and Vietnam (among many others) tried to ban bitcoin but there are some countries like Australia, Russia, Japan, and Venezuela who have made Bitcoin an official legal tender and are regulating it. Some countries like India and the USA are not clear of the official policy regarding cryptocurrencies and it’s not possible to push away bitcoins just because it threatens financial systems, it is the real beauty and nature of bitcoin.