Facts You Must Know about Bitcoin

Well, there is lots of buzz about cryptocurrencies and Bitcoin in the investor world. These two terms never go out of trend. Investors from all over the world fancy Bitcoin and cryptocurrencies. Due to their decentralized nature, cryptocurrencies are open but mysterious in nature. Even the most tech-savvy person you know may take a while to wrap their head around the concept of cryptocurrencies and BTC. As tricky as it sounds, the world of Crypto is mesmerizing and full of thrill. If you are smart enough, cryptocurrencies are your winning bet for investments. This article will take you through the lesser-known facts and ultimate figures of cryptocurrencies and Bitcoin.

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Bitcoin and the mysterious creator

Spooky, right? Yes, you read it right. The credits to give the strongest cryptocurrency are designated to pseudonymous individual known as Satoshi Nakamoto; he could also be a group of people instead. Bitcoin is definitely the hot dog of the crypto world. The decade-year-old Bitcoin is the strongest and the highest value holder among all the cryptocurrencies. After inventing Bitcoin in 2009, this individual or a group of individuals vanished into thin air from the Internet in 2010. This mystery man holds 980,000 bitcoins in his wallet, and not a single person is aware of his identity. According to the sources, no one had met this man, and everyone knew him only through emails and forums. If this person holds the 980,000 bitcoins, then, with no second thoughts, this is the richest person existing on planet earth.

Smallest Unit of Bitcoin

Satoshi is the smallest unit of Bitcoin, which costs around 0.00005 USD (data of 2019). It is said the name of this smallest unit of Bitcoin is kept from the name of Satoshi Nakamoto, the mysterious creator of Bitcoin. It might take one hundred billion Satoshi to make one Bitcoin. Currently, the value of one Bitcoin is $37,000. To make one dollar, 15,800 Satoshis are needed.

Duh! You are not even introduced to half of the cryptocurrency!

You might be aware of only a few cryptocurrencies, such as Ethereum, Litecoin, and Bitcoins, but the world of cryptocurrencies is much bigger than these few names. In fact, there are more than 9,500 different cryptocurrencies as of March 2022. It is very easy to create coins and tokens of cryptocurrency. 20 top coins have been responsible for around 87% of the cryptocurrency market.

There are only 21 million Bitcoins available in eternity

The highest value holder of the Crypto world has only limited supply up to the mark of 21 million. This means with the constant increase in demand and limited supply, the value of Bitcoin will keep increasing over the course of time. Already 16.3 million Bitcoins are mined and targeted. According to the studies, about 90 percent of bitcoins are mined, and another 2.2 million bitcoins will take almost around 120 years to get mined. The limit of 21 million bitcoins is written into the DNA of the code.

Imagine losing a Bitcoin

The research mentions that almost 60 percent of Bitcoin addresses are anonymous or ghosts. What does this mean? Bitcoin Address is the private key, a unique identification. When Bitcoin Address is misplaced or lost, it means an individual will lose access to all Bitcoins in the wallet. And these addresses can not be retrieved. Once it’s gone, it is gone forever.

China: The biggest cryptocurrency miner

China deals with 75% of the mining work of Cryptocurrency. It is a process of verifying the transaction before the block is placed on Blockchain’s public ledger. It is the most crucial part which needs thorough and precise inspection and dealt with by China. With the help of trading platforms can easily enter the world of cryptocurrency.

Bitcoin is the official currency

Bitcoin is the official currency of Liberland, a micronation between Serbia and Croatia. Liberland was founded by Vit Jedlicka, a politician, publicist, and activist. According to the government, the technology of blockchain provides safe and secure transactions. Here, Bitcoin is the hero.

The list of such amazing facts about Bitcoin and Cryptocurrency is endless, and the world of BTC and Cryptocurrency is a never-ending adventure.

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Dan Dunn

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Editor and Admin at MarkMeets since Nov 2012. Columnist, reviewer and entertainment writer and oversees all of the section's news, features and interviews. During his career, he has written for numerous magazines.

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