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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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Myth Debunked As Elon Musk Claims He Is Not Satoshi Nakamoto

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On November 26, 2017, a news came out about a former SpaceX employee claiming that Elon Musk was “presumably” Satoshi Nakamoto, the creator of Bitcoin. Bitcoin was established in 2008 and claimed under the pseudonym “Satoshi Nakamoto”, the rumored holder of more than one million Bitcoins.

The secret of Satoshi has been a hotly debated issue in the digital currency world, with entrepreneurs regularly claiming and denying responsibility. Many individuals jumped at the opportunity to get a reaction out of Musk, with very little success on the first day.

In under 48 hours, the news reached Musk, who swung to Twitter to expose the claims in true Musk way:

“Not true. A friend sent me part of a BTC a few years, but I don’t know where it is.”

Image credits: cryptocoinsnews.com

The gossip started from this Medium post from Sahil Gupta, a student at Yale University and former intern at SpaceX. Gupta’s post was widely covered over media, bringing together a blend of supportive and skeptical responses. Normally, the dominant part of reactions was doubtful:

“Obviously, and on the 7th-day Musk rested.” – Phil Thompson

“Musk is a serial self-promoter. Had he come up with anything 1/1000 are groundbreaking we’d have known about it.” – Frayed_Knot

“I will debunk this right now. There is no way Elon Musk is Satoshi. He would never create a currency system that uses so much energy. One bitcoin transaction uses the amount of power an entire home uses in a full week. No way would he impact the environment like this.” – Adam W.

“Yes and no doubt one of his P.R. companies facilitated this article.” – Dave

The last comment can be easily exposed. Yes, Musk is capable of many things, but it is safe to say that he didn’t create Bitcoin.

With Musk’s latest response, the secret of Satoshi lives on and stays to be one of the best mysteries in the crypto world.

 

STORY AND IMAGE CREDITS: CRYPTOCOINSNEWS.COM

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Circle Plans to Make $60 Million Expansion in China

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We share content, information, messages and routine life on the internet. Money should also work in the same way as for transfer of information. Secure, worldwide, free, open without any central authority and most importantly, transfer of money with fun. In that case, we have an option chinese circle on vision, that we should be able to exchange values.

The main vision is to connect the world’s largest currency zones. That is why a foundation for this purpose has been established in US and UK. The foundation will transact Euro, Dollar, Pound, and other large currencies to blockchain technology.

Customers in the UK, US, and soon in Europe can soon perform these transactions. They will be able to do transactions in a secure and freeway through Circle’s social payment app.

With the rising of this technology, Circle is going to introduce this technology to its Chinese customers.

The Circle has launched a company in China manufacturing, raising $60 Million from Chinese investors. The company is keen on expanding into world’s second largest economy. Chinese firms including Baidu, CICC Alpha, Everbright Investment, IDG Capital Partners, and Beijing-based tech investment have reportedly made the latest funds.

Allaire says, “We’re not aiming to compete with the domestic market as that would be a suicide mission given the strength of local players like Alipay and WeChat, but we can connect Chinese consumers with the euro zone and dollar markets”.

Strategy in Financing:

IDG Capital Partner, the prolific Beijing-based VC led the $60Million strategic finance.

Along with IDG, Breyer Capital and General Catalyst Partners, we have brought on a powerful syndicate of major strategic partners in China, including Baidu, CICC ALPHA, China Everbright Limited, Wanxiang, and CreditEase.

These strategic partners make it sure that they will create an open, global, and free model of social payments. That will be enabled for the consumer in China, US, UK, and also in Europe.

Circle’s China Unit:

Circle’s China unit works as the local incorporate company. Allaire says,” Circle’s China unit has not launched any product. Whereas, there are already many pending deals with banking partner and legal license to operate.”

In payment process, Circle allows payments to countries in which this technology has not launched yet. Whereas, payments have transferred in Bitcoin within few minutes via blockchain network. Once the process of payment completes, the Bitcoin transfers to the currency. Circle’s aim is to connect China trading consumers with new global means of payments.

People’s Bank of China wants to launch its own digital currency. Basically, they want to decrease the cost of traditional paper money and boost policymakers. That is why they are in support of digital revolutions like Bitcoin.

Allaire finished with: “The company now adds the support for euro-denominated payments in Spain as the first step of a broader euro rollout.”

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Cryptocurrency Crackdown: India Restricts Cryptocurrency

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2018 doesn’t seem to give a sign of relief to the cryptocurrency community as a latest press release by the RBI (Reserve Bank of India) has stirred up an unrestrained response, which is leading the cryptocurrency enthusiasts in a panic. RBI has been releasing warnings to the crypto-community related to the cryptocurrency in India and its risks, including:

  • Potential financial risks
  • Operational risks
  • Legal risks
  • Customer protection
  • Security related risks

cryptocurrency in indiaComing off the haze about the stance of government in distinguishing the ability of Blockchain technology and discovering its usage for abetting digital economy, the Finance Minister of Hon’ble in his ‘budget’ speech specified that cryptocurrencies are not identified as a legitimate tender, leaving an inexplicable uncertainty. Many in the crypto-community hailed the indication of “crypto” in the speech and took it to be an indirect sign for sanctioning the cryptocurrency trading, while others were nervous on the investment’s fate.

Risks Involved with Cryptocurrencies

Subsequently, the fury of RBI has stumbled now, and the crypto community has caught in another swirl of legal haphazard. The RBI’s press release accredited the potential of Blockchain in developing the efficacy of the financial system, though, at the same time it highlighted the perils that are involved with cryptocurrencies, such as:

  • Consumer protection
  • Market integrity
  • Money laundering

Furthermore, the RBI notified that the entities controlled by it will be prohibited from offering facilities to business entities or individuals, dealing with cryptocurrencies. Therefore, cryptocurrency investors won’t have the ability to transfer currency from their bank accounts to cryptocurrency trading wallets such as:

  • Zebpay
  • Coinsecure
  • Unocoin

Restriction on Banks

If it is supposed that the RBI pursues to save the over-all public from such perils, then it must specify the related reasons which turned out to be ground for issuing such a draconian direction. Quite the reverse, the RBI has put a total restriction on the banks to deal with business entities as a whole. The direction of the RBI pursues to paint all the entities in the cryptocurrency trade with the same brush, which can’t withstand the test of legitimate authenticity.

It is usually believed that the such encounters give escalation to the chances of development. At this current stage, the cryptocurrency community is required to keep patience and wait for the regulation to take its particular course as per other regions where the cryptocurrency is struggling to survive. The relating events will surely bring out the innovative avenues for the crypto-world in India.

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Bitcoin vs Gold – A Brief Comparison Between Bitcoin and Gold

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Bitcoin vs Gold

Is this a Bitcoin or a Gold era? This question has stirred the people’s mind. Ironically, the bitcoin vs gold, Bitcoin values fluctuate as the gold values. Let’s clear one thing here, what is Gold and why did the Bitcoin and Gold prices cross?

Gold is basically the chemical element with atomic number 79 and has a physical worth. Whereas Bitcoin is a peer-to-peer currency in digital wallets. If we discuss the history of both the commodities, we come to know that Gold was traded by civilizations from 600 BC whereas Bitcoin usage started from 2009. However, only in few years 2009 to 2017, Bitcoin exchange prices have exceeded from zero to over $2000.

Bitcoin first captured the massive attention in media when its value raised to $1242 in November 2013. The price of gold was $1250 at that time. This was the time when the competition between gold and bitcoin began. Both values are fluctuating. Basically, this is a story of supply and demand which completely depends on the public’s demand. As we read in economics, higher the demand and lower the supply. So, we can say that Gold is rare but bitcoins are rarer because both have limited source. However, the mining process for both the commodities is different: hundreds of tons’ of Gold is mined every year through hardware processes like placer mining, hard rock mining, and gold ore processing. On the other hand, Bitcoin mining is the collection of bitcoins in exchange. By using specialized hardware, they make transactions clear and secure.

This comparison between Gold and Bitcoin is just a psychological more than anything. Because gold’s market value is $7, whereas Bitcoin’s value is $20 billion. But, Price of Bitcoin exceeded, is worth more than one ounce of Gold on 2 March 2017.

In addition, this comparison between both commodities is a positive sign for users. They can enjoy the fluctuations and new changes. But Bitcoin is a digital currency, it is not a commodity whereas gold has been known as a commodity for thousands of years.

Prices or values increase per ounce is not a big deal, and not that much important. However, everyone notices one thing that from 2009, Bitcoin is continually making its new highs every now and then. The purpose of comparing Bitcoin with gold is to provide complete satisfaction to its customer. Both Bitcoin and gold have a relationship in term of their prices. That’s why fluctuation in price creates a strong impact. There are more than 100,000 merchants who use Bitcoin for trade. Same with gold, millions of merchant still trade in gold.

 

Bitcoin vs Gold Comparison

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Bitcoin Hacked 2017, Who To Blame?

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Bitcoin trading was started since 2010 which is the source of Bitcoin’s universal myths or discussions. When a Bitcoin exchanged gets hacked, financial media considers this hack a result of the flaws of cryptocurrencies. Until now, Bitcoin protocol has never been hacked. Due to its next level encryption, hackers do not attack Bitcoin directly. Instead, they manipulate the weaknesses of Bitcoin exchanges.

Are Bitcoin Exchanges Vulnerable To Hacking?

According to the report of the U.S Department of Homeland Security, one-third of Bitcoin exchanges were hacked between 2010-2015.

A South Korean exchange ‘Bithumb’ was hacked last month with 30,000 customer’s data on it. The hackers were able to steal $1million worth of bitcoins. As a result, the price of Bitcoin dropped about 3.5% during the following two days of the event.

Bithumb revealed that employee’s computers which provide the access to customer’s data were targeted during the attack.

In August 2016, Hackers successfully took 120,000 Bitcoins, worth $65million from Bitfinex exchange. In that case “Hot wallet” feature was the weak link. These frequent Bitcoin exchange hacks are no doubt concerning, but this should not be a reason to dismiss Bitcoin usage.

For example, if a diamond jewelry shop is successfully robbed, it’s not the diamonds’ fault, rather the security management that was hired by the owner. Same is the case with the Bitcoin code users.

Why Has Bitcoin Itself Never Been Hacked?  

Bitcoin codes use a network security protocol known as SHA-256. SHA: Secure Hash Algorithm. This is the prime reason why Bitcoin is known as a cryptocurrency. SHA-256 is widely used by the government and financial sector of the Bitcoin and was designed by the National Security Agency.

Crypto experts and programmers believe that SHA-256 is unbreakable by the currently available technology. Chris Wilmer, founder of Blockchain-Focused said, “Bitcoin itself, and most of the other cryptocurrencies, have never been hacked or even really had any downtime.”

Due to the fact that Bitcoin uses SHA-256, and that its transactions are broadcasted to the network for confirmation, Bitcoin is the securest form of currency ever created.

Just think about it, if you have fiat money and it gets stolen or snatched by someone, it becomes incredibly difficult to trace it. In addition, a stolen bag exposes your data including bank’s check book, debit/credit card to untrusted parties and takes a whole lot of months to resolve the issue.

Besides, credit/debit is an old fashioned payment system. Considering the tools available these days, hackers could get an easy approach to this old form of digital money.

Today, the Credit card breaches have become a daily routine. The hits at Target Corp. (NYSE: TGT) and (NYSE: HD) occurred a couple years ago. Neiman Marcus and Wendy’s Co. (Nasdaq: WEN) breach is another example which just happened in 2016. The most recent ones are Chipotle Mexican Grill Inc. (NYSE: CMG), Arby’s Restaurant Group, and Kmart Corp, which happened in 2017.

Whereas, bitcoins are safe at your Bitcoin exchanges and provide maximum security against breaches. Don’t let one or two incidents define the whole currency and start your Bitcoin venture right now!

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