6 Mind Numbing Facts About Bitcoin – CaptainAltcoin

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In the world of cryptocurrency, Bitcoin is crowned as King. But did you ask yourself, “Who created Bitcoin?” Despite having no public record as to who created it, the name Satoshi Nakamoto was the fictitious name used for the developer of the first cryptocurrency, as per the Bitcoin whitepaper that was issued back in 2010.

Since the name was used to hide the original developer name of Bitcoin, no one knows about the inventor. It could represent a woman, a man, or even a group of people who worked on the project. However, due to the anonymity of the inventor, it helped make Bitcoin become a decentralised form of digital currency. With that said, there are still things that most people didn’t know about Bitcoin. Here are the X Bitcoin facts about bitcoin that you probably don’t know:

The Mysterious Billionaire

To individuals who know a little about the history of Bitcoin, they would have the knowledge that Satoshi Nakamoto was the first one to create Bitcoin and made it into a decentralised digital currency. The software was originally registered in 2008 and then became open-source the year after. As per some estimates, it is speculated that the creator of Bitcoin roughly owns around 1 million Bitcoins, which is worth more than 30 billion today.

Bitcoin Consists of Thirty-One Thousands of Codes

On the 3rd of January 2009, Bitcoin was officially launched to the public. The developers have claimed that it took them more than a year to finish the project, and it required roughly around 31 thousand lines of codes to create the digital currency software. For comparison, 19 million coding lines are what took the developers to create the entire operating system of Windows 2000.

The Supply is Only Finite

Bitcoin is one form of cryptocurrency that can be mined through the use of powerful computers. However, Bitcoin’s supply is not infinite as there will only ever be 21 million of it. Similar to other forms of cryptocurrencies, Bitcoin was originally designed to have a finite supply. This means there’s a fixed limit on how many Bitcoins will ever come into existence. Moreover, as of February 24, 2021, roughly around 18 million Bitcoins have already been mined, which leaves more than 2 million coins yet to be mined. Once the miners have extracted all the number of Bitcoins, that’s the end of it, and the supply will be exhausted.

All Bitcoin Transactions are Untraceable

While online transactions and banks record each of their user’s transactions, any authority can track them at any time. In Bitcoin’s case, there is no such thing as it is completely untraceable due to Blockchain technology. Bitcoin transactions are recorded in a public ledger, and no one can track any user using their history of transactions.

Losing Your Private Key Could Mean Losing Everything

As you acquire Bitcoins, you will have access to a Private Key. It’s mathematically related to all Bitcoin addresses that are generated to be stored in an individual’s digital wallet. If you lose your private keys, you also lose all of your Bitcoins. And because of how Blockchains work to keep the digital currency decentralised, there is no way to recover lost keys.

Bitcoin Cannot Be Banned.

Bitcoin is a digital currency that is not currently controlled by any form of government anywhere in the world, thus not having the possibility of it being banned. However, governments can impose some restrictions on Bitcoin, but since it’s controlled by a cast network of users, the government can’t prohibit its usage. Several countries have tried banning everything that relates to Bitcoin but failed to do so.

Conclusion

It is exciting to be in the world of cryptocurrency. However, before doing anything about Bitcoin, such as investing and trading on a platform like Bitcoin Circuit, selling, or even buying, the individual must not only know how to use and convert it. They must also know the life-changing fact, the risks involved, and the potential to gain a massive profit. Over the years, numerous cryptocurrencies have come and gone after the initial release of Bitcoin, and this shows as proof that Bitcoin and Blockchain technology is here to stay.

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CaptainAltcoin’s writers and guest post authors may or may not have a vested interest in any of the mentioned projects and businesses. None of the content on CaptainAltcoin is investment advice nor is it a replacement for advice from a certified financial planner. The views expressed in this article are those of the author and do not necessarily reflect the official policy or position of CaptainAltcoin.com



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