The majority of people have an erroneous idea of what Bitcoin is. Even fewer people know anything about the blockchain, which is the ledger technology that bitcoin predicated on.
Thus, my aim is to educate as many people as I can on the significance of both bitcoin and blockchain. I find it fascinating to learn about the seldom discussed truths of bitcoin. The blockchain is even more fascinating, since it is an even less tangible entity that we can conceptualize very well.
I’ll share eight of them with you that should be of interest in the paragraphs that follow.
Over the past eight years, Bitcoin, the enigmatic “money of the internet,” has slowly grown in popularity and continues to reign supreme among cryptocurrencies. This wouldn’t have been possible without the blockchain network that supports it.
While some people are actively utilizing Bitcoin for both everyday transactions and financial objectives, the vast majority of people have not begun buying Bitcoin and do not have any plans to do so. However, they still are impacted by the blockchain in other ways, since the blockchain has many other applications outside of the cryptocurrency sphere.
Little Known Facts About Blockchain and Bitcoin
You must have come across exchange platforms like bitcoin billionaire and wondered how huge and spread out this digital asset industry is. However, moving away from its grandeur, now we’ll look at the quirky sides of Bitcoin and the blockchain ledger system it is built on.
Here are some fun and interesting facts about Bitcoin– the first Cryptocurrency to have ever existed:
The Father Of Bitcoin Mystery
The identity of the man who invented Bitcoin has been the subject of several rumors ever since its launch in 2009.
Some others even assert that Samsung, Toshiba, Nakamichi and Motorola jointly invented Bitcoin.
In the middle of this misunderstanding, there are some individuals like Australian businessman Craig Wright, who, in May 2016, claimed to be the creator of Bitcoin. Later on, though, it was revealed that this man was really another con artist.
He and his colleague attempted to pump Bitcoin Cash, a split of the Cryptocurrency, which caused many unwitting users to lose their hard-earned money. Nevertheless, he spent all the money from the swindle on a Limbo.
There is still no answer as to who “Satoshi” really is.
Blockchain Uses Private Key to Protect Bitcoins
A collection of digital addresses and keys that reflect ownership and control of virtual tokens are used to govern Cryptocurrencies. Similar to a password, a private key is a secret number that is used in Cryptography. This is the underpinning of the blockchain network.
A private key would be hundreds of digits large in base-ten notation, which would make it impossible to brute-forcibly crack for years. A user can no longer use the wallet to spend, withdraw, or transfer money if they misplace their private key.
Therefore, it is essential to store the private key in a safe place. A digital wallet that holds a private key can be kept in a variety of ways.
You might be surprised to know how secure the blockchain really is. Each private key on the blockchain has 256 characters. It would take over a septillion years (that is 10 followed by 24 zeroes) to bruteforce the blockchain!
Liberland— The Free Country With Bitcoins
On the west bank of the Danube River, between Croatia and Serbia, lies an independent nation called Liberland. In 2015, it became the first micronation to accept Bitcoin and other Cryptocurrencies.
President Vt Jedlika describes how they were able to handle their finances and secure a significant portion of their funding through the use of Bitcoin.
The official adoption of Bitcoin will not only enable the new nation to avoid spending money on the introduction of state typography, but it will also stop significant sums of money from being spent on the creation of banknotes and other forms of protection.
Liberland will undoubtedly make a significant contribution to the practical knowledge of Bitcoin and blockchain technology, even if it ultimately fails.
In addition to this, and should it be successful, the new European nation will undoubtedly become a sacred site for Bitcoin fans.
Anyone interested in joining Liberland’s population may find out more information by going to the nation’s site.
Only 0.5% of the Population Currently Uses Blockchain
The blockchain is having a huge affect on various industries around the world. However, most people are not actively using the blockchain at this time. Only 40 million people currently use it directly in some capacity. That is only 0.5% of the global population.
Nevertheless, many people are still affected by the blockchain in some other way. The financial sector often relies on blockchain in some way or another. Digital artists also use it to protect copyrights, which impacts people that might unwittingly use their work without permission.
There Are 21 Million Bitcoins
Central to Bitcoin’s value proposition as a form of payment and investment is its hard cap. Bitcoin is a successful store of value because it is hard to expand its quantity, just like gold and real estate.
Every four years, the difficulty of producing Bitcoin increases due to the halving, and eventually, it will be impossible.
Two more fundamental misconceptions regarding Bitcoin as a decentralized, consensus-based network lie at the heart of speculation that the hard cap for Cryptocurrency may shift.
First off, people who are in charge of determining Bitcoin’s rules have a strong motive to oppose any modification to the hard cap, while others who would want to do so lack the power to sway the network.
Pizzas And Bitcoins
On May 22, 2010, Laszlo Hanyecz posted on the Bitcoin community that he had spent 10,000 Bitcoins on two pizzas.
For the first time, tangible things were purchased using Bitcoin, giving the digital money a market value.
The two pizzas’ pricing increased in 9 months when Bitcoin became equal to one US dollar. At the time of this purchase, the estimated value of one Bitcoin was $0.004, while the cost of the pizzas was $41.
Blockchain-Centric Companies Are Very Successful
There are also a number of companies that rely heavily on the blockchain. These companies have a huge competitive edge over their competitors. One estimate showed that one of these companies is worth as much as $50 billion as of last year.
Bitcoin and Blockchain Are Changing Our World Forever
Bitcoin being the brainchild of the 21st-century high-digitization, is filled with quirks, similar to the population of modern times. The blockchain ledger system it depends on is just as influential.
Its uniqueness and applicability stood apart from all our traditional ideas of finance and money. After all, Bitcoins helped us see through the possibility of having virtual currency.