What Is Bitcoin?

Bitcoin is a type of digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds, operating independently of a central bank.So what are the amazing bitcoin facts?

Bitcoin – the popular cryptocurrency has a lot going for it. Recently, it crossed the $2000 valuation per coin, and has been growing steadily ever since. However, there are still a lot of things that you may not know about the decentralized currency; here are some amazing bitcoin facts things you should know:

Here are some Amazing Bitcoin Facts.


1. Bitcoin’s Rise in Value.

If you had purchased $5 worth of Bitcoins 7 years ago, they’d be worth $4.4 million right now.

2. First Bitcoin Transaction in the World.

The first transaction made using Bitcoins was for 2 pizzas. The buyer spent 10,000 Bitcoins for them. Today, 10,000 Bitcoins are worth $20 million.

3. Bitcoins are Limited.

There are only a finite number of Bitcoins in the world, and the number can’t exceed 21 million coins.

4. Bitcoin’s Future.

According to analysts, the value of Bitcoins could rise up to $100,000 per coin, in just 10 years.

{Bonus Fact} Unlike regular money, each bitcoin has a detailed history which is hard to duplicate or fake.

Amazing Bitcoin Facts

5. Transactions made in Bitcoin are Final.

Once you’ve made a transaction in Bitcoins, it is final, and can’t be cancelled, or refunded.

6. Bitcoin is Accepted at More Places than you Think.

Bitcoin is accepted quite widely, and a lot of tech giants also accept payments in Bitcoins, including giants like Microsoft, Dell, etc.

7. Bitcoin is Illegal in Some Places.

While most of the west has accepted Bitcoin as a perfectly legal, regulated currency, there are countries where Bitcoin is illegal, because it can be used very easily for illegal activities and purchases.

{Bonus Fact }The computer software source code for bitcoins is about 31000 lines long.

8.Bitcoins are generated by mining.

Mining bitcoins means you are using a computer program to solve mathematical problems to verify various transactions around the world. Bitcoin miners then get paid a certain number of bitcoins for solving those problems. Mining is very hardware intensive.

9.Time taken to mine Bitcoin.

Every 10 minutes, 25 Bitcoins are generated by the network.Every miner or mining pool is competing to find those 25 coins (3600 per day).At every 4 years this number would halve.

{Bonus Fact}Bitcoins are held in digital wallets and you can see your balance online. However, if you lose unique keys to this wallet, bitcoins are lost forever. However, nobody can steal bitcoin from your wallet. Amazingly you don’t have to pay any annual fees to keep the wallet. You can have as many wallets and bitcoin addresses as you like.


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Erminesoft · September 5, 2017 at 8:34 am

Yeah, bitcoin is a really popular and valuable currency

Top 10 Movies Ever You Should Watch For Students | At least once. · September 12, 2017 at 1:08 pm

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