This is a time of bitcoin. This year interest in virtual currency increases as compared to last year. In this article, I will discuss the main bitcoin facts which are the cause of increasing interest in virtual currency. Let’s move toward the discussion.
A brief about bitcoin
Transactions are made without a middle authority. Which means, no banks! No need of heavy fees for transactions. No need for central authority’s order to confirm the transaction and you are allowed to do transactions anonymously. This is the secure and legal way of transactions. Because the transaction is verified by the proper channel named blockchain. Who keeps the records of transaction and verify them through proper ways. Bitcoin is pretty much like cash for the Internet. Read article if you want to know about the Bitcoin
Current value of the bitcoin
Today, 2 June 2017, bitcoin’s value is $2466.48. As you see the increasing behavior of the bitcoin value. Accordingly, Bitcoin has captured the everyone’s attention.
Whereas, today’s open, high and low is,
Meanwhile, you know the current status of the bitcoin. Want to know about the market value of the bitcoin. and price analysis of bitcoin
Decentralize the middle person
While we are going to deal with currency, we don’t like the third person’s interference. The security we need during our transaction, bitcoin provide the same. The third person in the transaction is not allowed even third is a government. Bitcoin transaction process doesn’t allow any person’s interference. Furthermore, you are free to do transaction anonymously without third person’s interference.
Check and balance
When you have completed your transactions, you can check the details. Copy them or save them where ever you want. https://bitref.com/ here, you can check the details of your transactions.
Do study with bitcoin
You have a wish to go back to the university life and you have just bitcoin. Don’t get panic. Bitcoin technology and its followers allow you to pay the fee in bitcoins. New Yorker University of The King’s College accepts the Bitcoin as the fee of your semester.
However, this is the initiative steps in universities. The University of Cumbria in the UK, the University of Nicosia in Cyprus is also planning a degree in digital currencies for students.
64% part of the bitcoin on blockchain
A few years back, bitcoin’s rate was $1 for 1309BTC less than $0.00076 per BTC. Meanwhile, the price is very low. But, time change, Bitcoin asserts itself and easily acceptable everywhere. Let’s have an example, you get 393,225BTC by paying $300 at that time. Now, you are going to sell them and cost of BTC is $2,226.08. You will have the enormous wealth of $875,350,308.
A study by California University,
There is a huge history of bitcoin user’s. Who lost the private keys and unable to use bitcoin. Here are two examples of the accounts, still they don’t do any transactions.
1FeexV6bAHb8ybZjqQMjJrcCrHGW9sb6uF: this address was created on 1st March 2011 and now 2017. In addition, 75,957 bitcoins have been not using still.
12tkqA9xSoowkzoERHMWNKsTey55YEBqkv: this was created on 5th March 2010, and still no progress or spent bitcoins from 28,150.
Computing power is higher
Bitcoin computing power is 2 046 364 Pflop/s. whereas, 500 supercomputer’s computing power is 274 Pflop/s. you can see the difference of power computing networks. However, Bitcoin users are not performing fluctuating processes. But, only numeral calculus. How can we proceed? It is simple, infect,
A hash is equal to 6.35K numeral actions
A numeral action is equal to 2 variable fact actions, whereas,
A hash will be equal to 12.7K variable fact actions
So, if we use the rate of one hash that is the 12.7K flop, and analyze it with the network is 161 131 086 gh/s, we get the approximation of 10^9*161131086 H/s * 12700 = 2 046 364,7922 Petaflops.
Too much computing power, this power can b utilize during modelization process.
A transaction which shows the transaction of 114 million dollars or more. Accordingly, an effective rate of the time. Transaction is,
How created bitcoin
Bitcoin acceptance is worldwide. People use it, spent it for their daily needs, means it has a worth. How created the bitcoin? its answer is still a mystery. Few names have surfaced the financial platforms like Craig Steven Wright. Know about Craig Steven
Total number of bitcoin
We all know the limited amount of Bitcoin supply is 21 million. Which will never exceed this amount. Whereas, bitcoin users are continually mining the Bitcoins. It is a rough estimation that 14 million bitcoins are mined. Accordingly, two-third bitcoins are mined. In addition, it is a prediction that the last bitcoin will be mined in 2040. Which clearly means that we still have an option of mining. But unfortunately, due to a high demand of coin decreases the supply.
Black Friday bitcoin sale
You are able to buy bitcoin for cash. On the day of Black Friday, you are allowing to buy bitcoin and then spend it in different ways. How to shop with bitcoin, you can read the article.
Few users + lovers of the bitcoins introduce the physical bitcoins. They are doing heavy working behind these projects. Fortunately, they have code redeemable for digital currency. Read physical bitcoins
Leaders called it scary
When few sites like Mt. Gox hacked in 2011, a developer Gavin Andresen states on his personal blog.
“I’ve said it before, and I’ll say it again: Bitcoin is an experiment. Treat it like you would a promising Internet start-up company: maybe it will change the world, but realize that investing your money or time in new ideas is always risky,” courtesy of http://gavinthink.blogspot.com/2011/06/that-which-does-not-kill-us-makes-us.html
No inherent no set values
Luckily, another fact of the bitcoin is, bitcoin has unique or unstable values. Whereas, no other currency support bitcoin inherited its values. Bitcoin values are changing, depends on the services.
When you are losing your wallet, forget about your bitcoins. because it will never come back to you again. So, keep the complete security of your wallets. It is a scary fact that people forget or lose their wallets of the bitcoin.
Bitcoin vs Gold
Bitcoin’s value crosses the gold’s value. Isn’t insane???
Yes, Bitcoin crosses the gold’s value. Read the article about bitcoin vs gold,
Few other facts of the Bitcoin are,
Above all are a few facts of the bitcoin. Some of them are scary, few are interesting and other are insane.