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Almost everyone knows that Bitcoin is the most valuable cryptocurrency out there. And those who newly discover Bitcoin often seem to be falling in love with it without even having much of a knowledge about it. What’s more interesting is that even the most experienced Bitcoin users lack the most basic and interesting information about Bitcoin.

This article contains top 10 bitcoin facts for crypto users. Let’s get started with our first interesting Bitcoin fact which is: Bitcoin Pizza day!

1. Bitcoin Pizza Day:

22nd May 2017 was celebrated as the Bitcoin pizza day in honor of the first tangible Bitcoin transaction. On this day in 2010 – when Bitcoin was less one year old, a programmer named Laszlo Hanyecz bought two Papa John’s worth 10,000 bitcoins. The value of those coins in today’s market? Over 17 million dollars!

2. The Creator Of Bitcoin Is Still Unknown:

Although the creator of Bitcoin is known as Satoshi Nakamoto, it’s just a mythical name and nobody really knows about the real person behind it. To this day, Satoshi Nakamoto is still the biggest mystery in Bitcoin world. No one knows who he/she is and whether he/she/it is even alive.

3. Bitcoin Will Never Go Beyond 21 Million BTC:

The supply of Bitcoin is fixed, and this the major part which makes Bitcoin so volatile and takes its value so high. The fact that there are going to be only 21 million bitcoins keeps pushing bitcoin value up and down. It’s a typical supply and demand scenario: demand goes up, supply comes down and thus the value per BTC ends up hitting skies. Similarly, when demand goes down, supply goes up and the price comes back to normal; a perfect scenario to invest in Bitcoin.

4. Bitcoins Don’t Physically Exist:

Bitcoins don’t really look like this. In fact, they don’t look like anything tangible. The Bitcoin images we see all over the internet are just a depiction of what the currency would look like if it had a physical existence. Bitcoin just lies around in our wallets/computers in the form of code. It’s basically just some numbers which show up on our devices’ screens while checking the balance or making a Bitcoin transaction.

Related: Add more to your BTC pile by buying bitcoins

5. Bitcoin Is A Bit Useless:

Wait, what?!! Calling Bitcoin useless? I must have lost my mind! But you’ve read it right – Bitcoin is a bit useless. At the moment, the transactions fees are paid per byte, which means the small transactions may end up costing more fees than the value of transaction itself. This completely takes making microtransactions – formerly the most exciting thing about Bitcoin – out of the equation.

6. Bitcoin Has Several Types Of Wallets:

Online wallets, hardware wallets, and paper wallets are the most common forms of Bitcoin wallets. Offline wallets (hardware, paper) provide the maximum security as they’re immune to hacking attacks/other online vulnerabilities. However, for transactions purposes, online wallets are more suitable.

7. You Can Send Bitcoin Transactions Using Emojis:

 

A Bitcoin transaction is basically an instruction to the network. It doesn’t contain any sensitive piece of information and does not need to be transmitted over secure networks. This means that you can send a Bitcoin transaction via email, SMS, or if for some reason it needs to be concealed, you could even use a series of emojis to encode it.

 

8. Number Of Smartphone Users Have Surpassed The Number Bank Account Holders:

The number of smartphone users has recently surpassed the number of bank account holders. A recent study shows that over 2 billion people are unbanked, thus excluding them from playing any part in the global economy. Countries like Ghana have already started embracing Bitcoin as primary means of the transaction with each other and trading with other countries. This initiative is probably the biggest step towards Bitcoin overtaking fiat.

9. Mining May Once Again Be Feasible To Common Man:

Initially, it was possible to mine Bitcoin on regular laptops and PCs. As things progressed, advanced hardware took over and now mining is only feasible through ASIC (Application Specific Integrated Circuits) hardware. Consequently, the entire process of Bitcoin mining has become a profitability race and only big corporations are able to mine new coins. However, the race is reaching some limits, and it’s expected that with the fall of ASIC prices, Bitcoin mining would once again be heating our homes.

10. Bitcoin Blockchain Is One Of Many:

The last one on our list of bitcoin facts. Each cryptocurrency has its own blockchain and so does Bitcoin. The Bitcoin blockchain is a public ledger and anyone with an internet access can view or download it. However, the file is currently over 120 GB, so you will need a fast, smooth internet. The blockchain can also be viewed online via a browser such as blockchain.info to observe the transactions taking place on the ledger. This makes the entire transaction process as transparent as possible.

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Bitcoin Mining – Everything You Need To Know Is Here

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What is Bitcoin Mining

The terms “Bitcoin mining” is used to describe the processing and confirmation of Bitcoin payments on the network. In Bitcoin mining, the information is distributed, validated and stored on blockchain – a digital ledger which is used to store the transactions made in cryptocurrency such as bitcoins.

The transaction process of Bitcoin is different from traditional transfers as there are no third parties – merchant accounts, issuing bank, acquiring bank – involved.

Who Can Participate In Bitcoin Mining?

Almost everyone with a regular PC can participate in Bitcoin mining. All you have to do is to run a specialized software and you are good to go. The Bitcoin mining software are compatible with all PCs and operating systems. In addition to running on regular PCs, some companies have developed specialized Bitcoin mining machines that can build blocks and process transactions in a quick and efficient manner.

Find out what our beginner’s guide has to say about how bitcoin works.

How Does Bitcoin Mining Work?

In Bitcoin mining, the participants are given mathematical problems and asked to assemble a block of outstanding transactions by solving those problems. In exchange, the miners get rewards for all of the transactions they process and receive fees for successfully validating those transactions.

In addition to those fees, the miners also receive an additional reward for each block they mine from the bitcoin blockchain.The reward was previously 25 bitcoins but it has now been decreased to 12.5 bitcoins (equivalent to $7,000) which are still pretty high.

Because the reward is so high, the completion of mining is also incredibly tough. Thousands of miners from all across the world compete to assemble the block as quickly as possible.

Here’s a fun fact for you: “The total power of competing for Bitcoin computers is 1000 times higher than the top 500 supercomputers in the world.

Is Bitcoin Mining Harmful for PCs?

A few years back, Bitcoin mining was not so mainstream and no dedicated hardware was built to support it. Moreover, the miners of past used to overuse their systems which often caused damages to PCs. However, the technology has advanced and various manufacturers are developing computers that are specifically designed to support Bitcoin mining; which has made the process safer than ever.

What Are The Benefits Of Bitcoin Mining?

There are several benefits of Bitcoin mining. The ones that top the list are:

  • Bitcoin mining is like creating money from nothing.
  • There is some cool hardware involved such as ASICs, FPGAs, and GPUs and Bitcoin mining gives you the opportunity to play around with them.
  • You compete with others which ultimately helps you create an efficient mining system
  • Bitcoin mining is considered to be less risky because the coins never devalue. in fact, the more people use this currency, the more it appreciates in worth.
  • Bitcoin mining is not a waste of time. It’s actually a hobby that pays something back.

These are some of the facts, benefits, and details of how Bitcoin mining works. The process is quite intriguing and if you are trying to make some extra cash, becoming a Bitcoin miner is never a bad option.

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Where To Buy Bitcoin

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Did you know that currently, such a large number of individuals are purchasing and using Bitcoin that the system is really encountering surprising delays? It’s hard to believe, but it’s true – bitcoin is so prominent with individuals rushing from all areas of life because digital cash brings a massively wide spectrum when compared with all other payment arrangements.

With mass adoption comes a storm of queries, most prominent one being “where to buy Bitcoin” on wiki sites.

Here we have discussed the top three Bitcoin exchanges to buy bitcoins from:

Kraken.com:

Kraken is turning into a reputed bitcoin exchange, with many markets served. Europeans cherish it just as much as Americans since they function admirably through SEPA, have a simple confirmation process, and are extremely knowledgeable when it comes to cryptography and security. Since the start of 2017, Kraken has been re-positioning themselves as a crypto exchange by including different new altcoins.

Bisq:

Bisq (otherwise known as “Bitsquare”) isn’t to be missed for the more technically progressed. A decentralized p2p stage that keeps you super protected. More than 60 digital currencies can be exchanged and you can even buy BTC utilizing a bank exchange, escrow, and trusted outsiders.

GDAX.Com:

GDAX is incredible for specialized merchants and offers great liquidity. Deposits are in USD and can be processed just as quickly as withdrawals. It likewise happens to be the best Ethereum trade for genuine players in this space.

So these are the best bitcoin exchanges in our opinion. Next time, hopefully, you won’t have to ask where to buy bitcoins because now you know the best places to buy it.

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Bitcoin To Replace Fiat In 5 Years – Says Renowned Bitcoin Millionaire

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In five years’ time, fiat is no longer going to be of any use Bitcoin and other cryptocurrencies replace it. That is according to one of the renowned Bitcoin millionaires and venture capital investor Tim Draper who was talking with Forbes at the WebSummit conference in Lisbon.

Communicating his perspectives on where he sees the crypto market, he stated:

“People will laugh at you if you are still using fiat in 5 years. cryptocurrencies, Bitcoin particularly will become so relevant that fiat will be no longer of any use.”

This is clear by the fact that he acquired 30,000 bitcoins amid a government auction of assets seized from a darknet market Silk Road in 2014. At the time, those coins were worth $20 million. Today, they are esteemed at over $214 million.

Bitcoin has gained unprecedented highs in 2017. Over the last couple of weeks, the money has surged to above $7,000. It was within touching distance of $8,000 at the news that the SegWit2x had been suspended.

Staying positive about the fate of digital money, Draper trusts that the fiat framework will, in the long run, vanish as individuals look toward coins like Bitcoin or Ethereum. As indicated by him, they remain reliable stores of significant worth compared to fiat. His thinking behind this is that fiat monetary standards are bound by national borders. For instance, he refers to the Nigerian Naira, which drops 30 percent when a man crosses the border.

While this might be the situation, there are countless altcoins in the cryptocurrency market. CoinMarketCap puts that figure at 986 which have a market esteem. New ones are continuously being made, which are all claiming to give another answer for out daily life payment solutions. Regardless of this, however, the extensive number of digital money in the market isn’t stressing Draper. Actually, he conceives that they will inevitably all cooperate at some stage.

They’re all going to interrelate … and there will be trade rates for every one of them. My figure is that it will unify around a wallet that you have, and when you pay for that Starbucks, your wallet will advance to whichever cash has the most value.

It remains to be checked whether and when that happens, however from somebody who has been involved in cryptocurrency trading and has led interests in prosperous organizations, for example, Twitter, Skype, and Tesla, Draper might be on to something.

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Top digital currencies of the world

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Cryptocurrency or digital currency is a well-known term now a day. We are now a part of the digital era.  In addition, we have more 3000 cryptocurrencies right now. Moreover, like someone says that we are going to replace paper money with digital money.

Are all cryptocurrencies treating equally?

what is the reason behind the creation of these digital currencies? Everyone want to know the reason. Accordingly, Some of them were created as a joke or “just because”. Few were a part of a scheme. Whereas, the worth or value of any cryptocurrency is because of its user’s demand.

Same like other useful assets like oil, stock, property etc. Accordingly, digital’s currencies’ value also faces the rise and fall in its value. By creating a scary situation in form of risky investment and rise, fall in its values.

Why we need the digital currencies

Here, the question is why we people need these digital currencies. First, government or other exchange charge a heavy amount for routine transactions. where the international transactions become costlier. Moreover, digital currency invention brings the revolutionary change in routine transactions. people do the transaction without any heavy fees. And, the most important thing is, users are allowing to do the transaction without the middle person. They are free to do transactions, where they want in the world. This is the first and foremost reason, why we need digital currency.

Main characteristics of digital currencies 

A cryptocurrency should fall on some characteristics are as follows:

Capitalization and trading volume

Market capitalization is the total of all cryptocurrencies. While the high market capitalization indicates the real worth of the cryptocurrency and its availability.  The most important thing in the capitalization is its daily trading volume. Which is directly change due to exchange percentage. Whereas, the healthy economy of the transactions is because of trading volume.

Verification process

The main feature of the cryptocurrencies is verification process. The old method is proof of work. A computer has to enhance its energy and time by solving the trike mathematical problem. Whether downside of this method is that it needs massive energy to operate. In addition, the system with less processing power and handsome out is proof of stake. This proof of stake system is used to solve these problems.

Acceptance

If you don’t carry out the transactions with cryptocurrency means it has no acceptance in retailer market. Meanwhile,  it’s important to do transactions with digital currency and make it sure that currency has market acceptance and market values as well.

Above all are some characteristics of the digital currencies. Now, we will discuss the top 10 cryptocurrencies of the world.

Top 10 digital currencies        

There are more than 500 digital currencies but we will discuss few of them.

Bitcoin

First and foremost, cryptocurrency anonymously created by Satoshi Nakamoto in 2009. Bitcoin has the biggest market capitalization around $10 million, the prominent capitalization as compare to other cryptocurrencies. Read all about bitcoin 

Ethereum  

A cryptocurrency platform who has the ability to execute peer-to-peer, smart contact. Ethereum was created by Vitalik Buterin in 2015. And, split into two parts Ethereum and Ethereum Classic due to DAO attack. Whereas, with the confidence of next generation platform, Ethereum has around $1.1 market capitalization.

Ripple   

Now, the next is the ripple. Which is gross time settlement process? The cryptocurrency released in 2012. To reduce the cost, this system is integrated into few banks.

 Litecoin   

Charles Lee introduces the litecoin in 2011. Accordingly, has the roughly market capitalization $180 million, litecoin also used in sale and purchase process.

Monero

A digital currency that focuses on the privacy terms and decentralization is Monero, launched in 2014. Whereas, It is totally based on the cryptonote protocol and algorithmic differences directly relating to the blockchain. By using ring signature technology Monero keeps focusing on the privacy of the users. With around $138 market capitalization Monero has increasing users’ percentage.

Ethereum classic

A technology built or use by anyone is ethereum classic, run on blockchain technology. It is an open source project built by the public. No one has the authority to control ethereum classic. In addition, it is not famous enough but has the market capitalization $575,782,074.

Dash  

Dash is basically a digital cash, which has the ability to use anywhere. In addition, It is a peer-to-peer cryptocurrency which offers private transaction as well as instant transactions. Accordingly, It is also known as Darkcoin or Xcoin with the market capitalization $664,377,178,  in 2014.

Maidsafecoin

The idea behind is to share your computers as a dropbox and google drive. It has around $4.3 market cap.

Augur

Augur has the market cap $188,505,585. While the network is working by users to contribute the storage and computing power.

Nem

It is not only a cryptocurrency but it is a blockchain product who is handling the native currency token. Market cap of Nem is $1,031,274,000.

 

Good luck!

 

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The cryptocurrency market is growing

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Today, Bitcoin is number one in the cryptocurrencies’ race. But, the recent data shows that crypto market’s share may drop significantly coming year.

There is rising consensus:

More than 900 cryptocurrencies inventions, introduce the transparent and crystal-clear payments process. Few had the work on cryptocurrency border market and on its evolving, special thanks to Abeer ElBahrawy who explores that crypto-market is getting more complex and mature. This market’s growth also bears a notable similarity to an evolution of networks in different areas. By providing insight into digital market’s way, might have changed in future.

Big challenge:

The most important challenge of the cryptocurrencies is to avoid illegal copying. For that purpose, digital currency uses two mechanisms to avoid.

Public record:

The system put out each transaction in the public record. And, store the copies of these transactions online. This allows its users to compare updated accordingly. These prevent the double spending.

Protection of the ledger:

In the second mechanism, the ledger is protected cryptographically. Each update gathers the new coming transactions and adds to the existing ledger. Accordingly, the earlier ledger is frozen and encrypted.

Block:  

This ledger new version creates the block, which holds the copies of the earlier ledger. You have the option to copy the encrypted data to generate a number that has the ability to check the reliability of the block. But its hard to generate that number. This feature makes the system more secure by providing an easy check of the blocks but tremendously tough to copy.

Crypto-analyses:

ElBahrawy do an analysis of the 1500 digital currencies appeared in 2013 and now more than 600 are alive. According to him, the digital market is going in the phase of exponential growth. In addition, its current cost is $54billion out of $60 trillion, the total amount of money of the world.

Distribution power law:

While, when the crypto market is rising speedily. ElBahrawy and his team show the stable aspect of it. Like, if all the digital currencies are alive same as in 2013 as has the market share distribution. This distribution has the ability to reproduce the standard model of evolution. It is a process where currencies’ rates are figured out and die away.

In addition, This law is occurring in almost all the sectors like the same law has to describe the religion in the world, languages of different areas, birth rate and death rate as well. ElBahrawy says, “The fit with the data shows that there is no detectable population-level consensus on what is the ‘best’ currency or that different currency are advantageous for different uses.”

Except for this external significant manipulation of this market, there will be noteworthy multiplicity in crypto-market for foreseeable future.

 

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