Bitcoin is the most well-known cryptocurrency platform across the globe. However, you might not be aware of a few aspects of it. Have a look at these Facts About Bitcoin!
Let’s review some Bitcoin facts and figures to give you more information about this well-known blockchain-based cryptocurrency.
10 Facts About Bitcoin
- The Mysterious Creator
In 2009, one person or group called Satoshi Nakamoto launched Bitcoin worldwide. The person (or they) disappeared from the Internet in the latter half of 2010 and hasn’t been seen since then. As his identity remains obscured, no one knows for sure if he’s living or deceased. The only contact people had with him was via email and forums.
- The Satoshi
To show gratitude to Bitcoin’s creator, the tiniest unit of bitcoin is referred to as Satoshi. The value of a satoshi is about 0.00005 U.S. dollars (as of 11th April 2019), which is a very small amount. To create one bitcoin worth, you require around 100 million satoshis. According to the current bitcoin value that frequently fluctuates in the market, you will require close to 15800 satoshis to earn a dollar.
- Losing Bitcoins
In the event of losing the Bitcoin address, often referred to as your key is not just about losing your identification number and identity. Still, it also means you lose all bitcoins that are inside your bank account. Studies show that around 60% of Bitcoin addresses are ghost addresses. That’s a large percentage of those who use Bitcoins are missing their Bitcoin addresses and cannot access their accounts.
In April of 2015, an unofficial micronation between Croatia and Serbia called Liberland was established. It was established by Vit Jedlicka, a politician and a publicist, activist, and the president of Liberland. The currency used in Liberland can be found in bitcoin. It is believed by the government that Bitcoin and the underlying principles of Blockchain offer a secure and clear method of recording financial, electronic as well as a physical assets.
- Processing Power
Mining bitcoins is costly; you spend a lot of money, time, and electricity. Bitcoin mining requires servers that are used to serve this specific reason. The faster you process information, the quicker the block will add to the Blockchain, and the faster you’ll be awarded bitcoins.
- Power Consumption
Ireland consumes around 5,000 Kilowatt-hours of electricity every year. The bitcoin mining farms collectively consume around 60 terawatts of power, roughly 6 x 1010 Kilowatt-hours. This is a significant quantity of electricity. The entire country of Ireland, which is the second-most-populated city in Europe and has 84,421 square kilometers of area, consumes less electricity than all these farms combined.
- Bitcoin Ban
Although many countries around the globe, including Canada and America, have fully accepted Bitcoin, some countries aren’t. Some countries, including Bolivia, Iceland, Bangladesh, and Ecuador, have completely prohibited bitcoins. Other nations, like India, Thailand, and Iran, have requested their citizens to be cautious with cryptocurrency use but haven’t banned them completely. However, they don’t accept it as legal money.
- Limited Number of Bitcoins
There’s a limit on how many bitcoins are available on the market, 21 million. At the moment, seventeen million bitcoins have circulated, nearly 80 percent of 21 million bitcoins have already been extracted. But, don’t worry about it; as long as 2140, we’ll still be able to miners bitcoins. This is due to how miners are paid. Miners receive 12.5 bitcoins per block that is added to the Blockchain. Then, every four years, the reward is cut by half. The next reduction is expected to happen in 2020 when the reward drops by 6.25 bitcoins.
- The Power of “B.”
The words “Bitcoin” with an uppercase “B” and “bitcoin” with lowercase “B” mean two different things. “Bitcoin” (bitcoin) is the cryptocurrency utilized to conduct transactions. The first (Bitcoin) is the ledger that stores data about these transactions.
- Faster Than Supercomputers
The world’s most powerful supercomputer, The Summit, runs at 122.3 petaflops. This is the equivalent of a quadrillion floating-point operation per second. If you look at the whole Bitcoin network, the processing power is around 80,704,290 petaflops. However, a supercomputer can do many different things, but the Bitcoin network can only add a block to its Blockchain.