Bitcoin uses peer-to-peer technology to operate with no central authority or banks; managing transactions and the issuing of bitcoins is carried out collectively by the network. Bitcoin is open-source; its design is public, nobody owns or controls Bitcoin and everyone can take part. Through many of its unique properties, Bitcoin allows exciting uses that could not be covered by any previous payment system.
- Fast peer-to-peer transactions
- Decentralized public network
- Worldwide payments
- Low processing fees
This is how Wikipedia defines Bitcoin
Bitcoin (₿) is the world’s first cryptocurrency, a form of electronic cash. It is the first decentralized digital currency: the system works without a central bank or single administrator. Bitcoins are sent from user to user on the peer-to-peer bitcoin network directly, without the need for intermediaries. These transactions are verified by network nodes through cryptography and recorded in a public distributed ledger called a blockchain. Bitcoin was invented by an unknown person or group of people using the name Satoshi Nakamoto and released as open-source software in 2009.
1. 64% of bitcoins have never been used and might never be used.
2. There will only ever be 21 Million bitcoins in circulation! We can accurately predict, almost to the exact hour, when the 21 millionth bitcoin will enter circulation! This limit is predicted to be reached by 2140!
3. 90% of the bitcoin addresses have less than 0.1 BTC!!!! Considering the total bitcoins in circulation, we can safely assume that the remaining 10% are already on the moon 🙂
4. Japanese Yen accounts for more than 50% of Bitcoin trading market!
5. Bitcoin is ILLEGAL in Saudi Arabia, Bolivia, Nepal, Algeria, Ecuador, Morocco and Bangladesh
6. In December 2017, the US Government sold bitcoins seized during an opioid drug case which are almost $10M now!
7. A Bitcoin Network is more powerful than 500 Supercomputers put together!
8. A refund is not possible on bitcoin transactions. In 2016, a bitcoiner accidentally sent $137,000 instead of $5 with no way to retrieve it!!
9. The number of bitcoins rewarded for mining halves every 4 Years! After 64 halvings, all 21M bitcoins will be in circulation!
10. Wallet lost= Losing Bitcoins FOREVER!!
James Howell lost 7,500 bitcoins by throwing his hard drive which amounted to $6M
Stay tuned for more crypto facts and news!