Interesting Facts about Bitcoins You Need To Know

Bitcoins have gradually grown in popularity and are the most popular cryptocurrency in today’s times. A few people who have understood the fantastic benefits of bitcoins have smartly mined it and bring it to use for various purposes. But, there are some people who don’t really seem interested in cryptocurrencies and have kept themselves at a distance.

But, why is it that people don’t realise the importance and value of bitcoins? Well for the simple reason that they aren’t aware of what it exactly is. Mentioned below are a few interesting facts about Bitcoins like the fact that there are the limited amount of bitcoins; it doesn’t grow on trees and more.

The very First Bitcoin Transaction was made for Buying Pizza

When Bitcoins were initially launched and people started mining for it, the value of each bitcoin wasn’t very high and hence no one accepted them. However, on 22nd May 2010, this changed as someone purchased pizza for bitcoins. This was a huge deal back then as no retailer accepted bitcoins in return for services and goods. However, on that day, 2 Papa John’s Pizzas were bought for 10, 000 bitcoins which were valued at $41.

There is a Limit to the Total Number of Bitcoins You Can Mine

It’s true that limited amount of bitcoins can be mined. Bitcoin is similar to gold in several ways and just like gold, bitcoin cannot just be created as and when you want. It has to be mined digitally and there’s limited supply of it. Only 20 million bitcoins can actually be mined in total and once that’s been unlocked, the supply would be exploit out unless the protocol of Bitcoin is changed.

You would Lose all your Bitcoins if your Private Key is Lost

If you lose your private key, you would end up losing all your bitcoins forever. There is no way in which the private key can be retrieved as it is unique for each member. Bitcoins can be misplaced or lost for a number of reasons including hardware failures, death or just carelessness.

No One Knows About the Real Inventor of Bitcoin

There have been several conjectures regarding Bitcoin’s inventor right since the time it was launched. Under the sobriquet of Satoshi Nakamoto, Bitcoin whitepaper had been made available to the public. Till date, no one knows who that person is. However, as Bitcoin is a decentralized way of carrying out transactions, the anonymity regarding the founder itself is an interesting fact.

You can Purchase a Lot of things with Bitcoin

People often wonder as to what all they can purchase with bitcoin. The answer to that question is that in today’s times, you can purchase just about anything with the bitcoins. You can purchase gifts for your loved ones, pay for your hotels or flights, get pizza and do so much more exciting stuff with it.

Regardless of whether there are limited amounts of bitcoins or whether it is difficult to actually mine for them, people continue to put in effort for its startling value.

Leave a Reply

Your email address will not be published. Required fields are marked *