17 interesting facts about bitcoin
1. The cryptocurrency was invented in 2008 by an unknown person or group of people using the name Satoshi Nakamoto
2. Bitcoin is not printed like the traditional paper money. It is mined Bitcoins are mined on the blockchain network, and they come into existence when miners successfully mine Bitcoin blocks.
At present, the mining power of Bitcoin’s network is 300 times more powerful than the world’s top 5 supercomputers combined.
3. Bitcoin has contributed to the greenhouse effect due to the high amount of fossil fuel used generating electricity for minning Bitcoin.
4. Nakamoto(The anonymous inventor of bitcoin) worth over $20 billion .Blockchain analysts estimate that he had mined about one million bitcoins before disappearing in 2010 when he handed the network alert key and control of the code repository over to Gavin Andresen.
5. Black markets, such as Silk Road were the first major users of bitcoin in 2011 after early "proof-of-concept" transactions.Silk Road exclusively accepted bitcoins as payment, transacting 9.9 million in bitcoins, worth about $214 million.
6. Bitcoin was first seized by a government agency On 23 June 2013 in the US .
7. Bitcoin is based on an elliptic curve called secp256k1 and encrypted with the ECDSA algorithm. The equation for the Bitcoin secp256k1 curve is y2=x3+7.
8. The unit of account of the bitcoin system is a bitcoin. Ticker symbols used to represent bitcoin are BTC and XBT.
9. To mine half of the supply of bitcoins took four years but the remainder will take another 120 years, because of an artificial process called "bitcoin halving" according to which miners are compensated by fewer bitcoin as time goes on.To claim the reward, a special transaction called a coinbase is included with the processed payments.
10. You can buy a lot of stuff with Bitcoin.Such as Space travel with Virgin Galatic, Electronic accessories,Clothing accessories, Rent a Car,Buy food etc.
11. According to the Web site Digiconomist, a single bitcoin transaction uses the same amount of power that the average American household consumes in a month, and is responsible for roughly a million times more carbon emissions than a single Visa transaction.
12. Bitcoin can bring significant innovation in payment systems and the benefits of such innovation are often considered to be far beyond their potential drawbacks. Bitcoin is designed to be a huge step forward in making money more secure and could also act as a significant protection against many forms of financial crime.
13. Once you've made the purchase, you will need to wait for the Bitcoin to be transferred. If you are using Creditcard, it will only take a few minutes for this transaction to be completed. If you have selected to pay via regular bank transfer, it could take several days for the transaction to be completed.
14.No matter how many miners, it still takes 10 minutes to mine one bitcoin. At 600 seconds (10 minutes), all else being equal, it will take 72,000 GW (or 72 Terawatts) of power to mine a bitcoin using the average power usage provided by ASIC miners.
15. A Bug Created 184 Million BTC In 2010.Newcomers to the world of cryptocurrency probably don’t know it, but on August 15, 2010, a bug in the Bitcoin Blockchain created more than 184 million BTCs! Known as the “Value overflow incident”, this bug concerned block 74638 of the Bitcoin Blockchain. Within it, a transaction was present creating 184,467,440,440,737.09551616 BTC for 3 different addresses. Thus, 2 addresses each received 92.2 million BTCs while the miner solving the puzzle related to the block was rewarded with 0.01 BTCs that did not exist before the transaction.
16. The Maximum Circulating Supply of Bitcoin Is Not 21 Million.Most people assume that there will be a maximum circulating supply of 21 million Bitcoins. However, the maximum circulating supply of Bitcoins is not really 21 million.
17. More Than 430 Altcoins Are Derived From Bitcoin.As the first cryptocurrency to successfully implement the Blockchain concept, Bitcoin inspired all the cryptocurrencies that have since been launched. Today, while we are in September 2019, 2646 cryptocurrencies are listed on the reference site CoinMarketCap!
