We all might be heard of bitcoin, it is one type of digital currency that has been thrust into the spotlight. Bitcoin users can keep bitcoins in digital wallets yet it has not so different in core concept than the Skrill or PayPal account you keep dollars in—and you can spend them like any other money.
Suddenly bitcoins have several reason that create so much attention toward the common people around the world:
The birth of Bitcoin
The origins of bitcoin take back to 2008, when the creator Satoshi Nakamoto (pseudonym) published a concept for Bitcoin. In 2009, the concept was then published to a cryptocurrency mailing list. In 2010 Nakamoto left the project but other developers keep continue the work. Bitcoin’s birthday is January 3.
Very expensive pizza
The first bitcoin transaction was reported on May 22, 2010, at that time a programmer identified as Laszlo Hanyecz said that he effectively traded 10,000 bitcoins for a pizza. As of September 10, 2017, these 10,000 bitcoins are worth about more than $43 million.
You can spend bitcoins
People can use bitcoin as they use bank card. It may not seem as it like, user can use bitcoins to buy goods. The largest businesses to accept the bitcoin include Expedia, Newegg, Overstock.com, and Dish.
Bitcoins are limited in number
People may listen about bitcoin mining, it is the process using by which bitcoins are produced digitally. An advance establish schedule has restricted the number of bitcoins. Bitcoins are slowly intimate a total of 21 million. Than the bitcoin mining process is getting more difficult with each passing day.
It’s impossible to know the sender/receiver details
Bitcoin addresses are usually using very long string which is around 34 alphanumeric characters. Using that address, this is not impossible to tell the acceptor. Probably, it is the main reason for most of the illegal transactions which are carried out conducting bitcoins. To secure the privacy, most wallet programs employ the users a portfolio ID, it is also called or used as a username.
Federal Bureau of Bitcoin
It is very interesting point that the U.S.A. government hold the largest amount of bitcoin. In 2013, after shutting down the Silk Road by the FBI. They took over all the bitcoin wallets controlled by the Silk Road, which are almost 144,000 bitcoins. Silk Road is a darknet site where anyone could buy illicit goods, drugs and other illegal services.
Bitcoin network is much powerful than supercomputers
According to the IT experts, Bitcoin networks have compatible of 2,046,364 Pflop/s computing power. Than if you go ahead and mix the 500 most powerful supercomputers power, you will get a combined fever of 274 Pflop/s. interestingly, this is one of my favorite fact about bitcoin.
A bitcoin transfer is irreversible
Any transaction of bitcoin currency, most preferred mode of currency engage in the transaction of illegal stuff, cannot be reversed. User don’t enjoy second chances while he make any transaction.