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Secrets About Bitcoin No One Knows

Secrets About Bitcoin No One Knows
Image by Darwin Laganzon from Pixabay

If you follow the latest news, you might have heard the word “Bitcoin” again and again. It is one of the most popular bitcoins. Although people are gaining more and more information about bitcoin, there are certain facts that no one knows. In this article, we have come up with some of the secrets and unknown facts about bitcoin.

Knowledge about these less-known facts related to bitcoin will help you in making the right choice. You will also get a complete and 360-degree picture of digital currency. To find out more, click the image below.

EthereumTrader - Secrets About Bitcoin No One Knows
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Following are the less known facts and figures about bitcoin:

The mystery of the creator

People know that Satoshi Nakamoto created bitcoin. But, no one has any idea about the creator. He vanished from the internet in 2010. Many people claim that he is dead. But, the real story behind the mysterious creator of bitcoin is not known. You will also be surprised to know that his bitcoin wallet has 980,000 bitcoins. Thus, the valuation makes him one of the richest persons in the world.

The Satoshi

To respect the bitcoin creator, the basic unit of bitcoin is called the Satoshi. The value of one Satoshi is around 0.00005 dollars. To get one bitcoin, you will need to collect almost a hundred million Satoshi. At present, to make one dollar, you will need almost 15,800 Satoshi.

When you lose bitcoin

Losing bitcoin is quite common. Many people can’t access the bitcoin they have because they lost the bitcoin address or the private key. As per a study, almost 60% of all bitcoin addresses are ghosts. This means many people have lost the private key to their bitcoin wallet, and there is no way possible that they will be able to access the bitcoin wallet.

Liberland

In 2015, a nation between Croatia and Serbia was born. The nation was named Liberland. The interesting fact about this country is that its official currency is bitcoin. As per the government of Liberland, bitcoin and the concept behind bitcoin makes it a safe and secure currency. 

Processing power

You might be aware that bitcoin mining can’t be done by a layman. The mining process is quite complex and expensive. You need to spend a lot of money, time, and electricity on mining bitcoins. You will also need a server specially for the purpose of bitcoin mining. The quicker you will process the data, and the more blocks can be added to the blockchain. Thus, you will need a server with quick process speed to get more bitcoins.

Consumption of power

The nation Ireland can consume almost 5000 kWh of electricity per year. But, when you want to mine bitcoin, you will need almost 60 terawatt-hour electricity. This is equivalent to 6X1000 KWH. Thus, the entire nation of Ireland can consume the amount of power that is needed in the mining of bitcoin. 

Ban on bitcoin

Many countries and businesses around the world have accepted bitcoin as a digital currency. For example, Canada and the USA even promote the use of bitcoin. On the other hand, countries like Bolivia, Bangladesh, and Ecuador have banned the use of bitcoin. While nations like India and Iran have warned their citizens to invest in bitcoin with maximum care. Thus, not all countries and businesses have accepted bitcoin as a legal tender.

Limited number

One of the most shocking secrets about bitcoin is that it is limited in number. There is a limit on the number of bitcoins that exist in the market. Thus, the cap on the total number of bitcoins stands at 21 million. In addition to this, 17 million bitcoins are already in circulation. By 2140, the mining of bitcoin will be completed. When miners mine bitcoin, they are rewarded 12.5 bitcoins for each block. For every four years, the reward is also reduced by half. The last bitcoin halving happened in 2020, and the next is supposed to occur in 2024.

The power of B

Another surprising fact about bitcoin is that Bitcoin with uppercase “B” and bitcoin with lowercase “b” mean two different things. The bitcoin with lowercase “b” means the cryptocurrency. On the other hand, bitcoin with uppercase “B” refers to the ledger that stores information about the bitcoin transaction.

Quicker than the supercomputer

The quickest supercomputer is the summit, and it works at a speed of 122.3 petaflops. If you will check the processing power of the bitcoin network, it works at a speed of 80,704,290 petaflops. 

So, these were some of the interesting facts and secrets about bitcoin. Let us know if you want to know more about these facts.

Featured Image by Darwin Laganzon from Pixabay

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