10 Fascinating Facts About Bitcoin You Need To Know


10 Fascinating Facts About Bitcoin You Need To Know http://www.BlockGeeks.com

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Some of Bitcoin’s Most Intriguing Qualities

1. Bitcoin and bitcoin Aren’t the Same

Bitcoin with a capital ‘B’ is used when referring to the network, while the currency is spelt with a small ‘b’.

2. There Will Only Ever Be 21 Million bitcoins

we can accurately predict, almost to the exact hour, the date the 21 millionth, and last, bitcoin will enter circulation.

3. Bitcoin is Operated by Users, Not Institutions

Bitcoin is run through a peer-to-peer network, meaning that there is no central control, but rather the control is decentralised throughout the user base.

4. bitcoins Aren’t Minted; They’re Mined
Unlike traditional currency, bitcoins exist as a result of a production process called mining. People use computers to solve complex mathematical algorithms in order to introduce new bitcoins into the economy.

5. bitcoins Are Stored in Digital Wallets, Not Banks
User store their bitcoins safely online

6. Bitcoin Transactions are Pseudonymous
The true names of buyers and sellers are never revealed. Though each transaction is recorded in a public ledger (blockchain) only their wallet ID’s will be represented,

7. bitcoin is Divisible to 1 Million Bits
One bitcoin can be broken down to 1,000,000 bits. 0,00000001 of a bitcoin is known as a satoshi,

8. Bitcoin Network is Virtually ‘Unhackable’

Bitcoin is secured by military-grade cryptography. The only considerable source ever imposing a threat would be quantum computing, which does not yet exist.

9. Bitcoin Computes More Than 100,000 Transactions a Day
This number has been growing at an exponential rate and will continue to do so, as more bitcoins become readily available

10. There are No Physical bitcoins

This statement may leave you a bit boggled, but it’s true. There is no evidence to the physical existence of bitcoins.

Are there any other interesting facts you’d like to add to the list?

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