It is one of the hot topics of the year and has proved its worth in every aspect and direction. Who else than its creator would have
thought that it will be revolutionary at a point that countries would be
fighting against "WORLD BANK", to make it legal? Recently, the craze
has approached all new levels as people are just selling their properties to
just invest in them. It is a risky business but once it goes in profit, it
turns your every nickel coin into gold.
BITCOIN, who would not have listened to this word that is
legendary on its own? This was made by a group or single person named "SATOSHI NAKAMOTO". It is so much encrypted or hidden that no one
knows who is this genius or group of geniuses. This word was coined in the year
2008. It is the digital decentralised currency over which no bank has control
not even World Bank.
All transactions are encrypted and recorded in a publicly
distributed ledger known as a "Blockchain". It's also described as a "trustless
and fully decentralized peer-to-peer immutable data storage"
that is spread over a network of participants often referred to as nodes. This Blockchain was made by Satoshi Nakamoto
itself in 2008 only. The word Bitcoin was defined in a white paper published on
October 31, 2008. It is a compound of bit and coin. But being the smallest in terms
of memory storage. White Paper is meant to help readers understand an
issue, solve a problem, or make a decision.
You
Didn't Know About Bitcoin
1.
The Satoshi
It is divisible up to 8 decimal places and
small amounts used as alternative units are mill bitcoin (mBTC) and satoshi (sat).
It is the smallest bitcoin representing one hundred millionths of bitcoin. So,
according to this, a million bitcoin equals 100,000 satoshis.
2.
Losing It
According to research, it has been found that
owners of about 60% of total accounts are either dead or didn't remember their
login credentials and due to its high security, they can't do "forget
password" because there isn’t an option.
3.
Liberland
In April 2015, a micronation between Croatia
and Serbia known as Liberland was born. It was founded by Vit Jedlicka, a politician,
publicist, activist, and president of Liberia. The official currency of
Liberland is bitcoin. The government believes that Bitcoin and its underlying
concepts of blockchain provide a secure and transparent method for recording
electronic, financial, and physical assets.
4.
Mining Power
Mining takes a lot of power and electricity and
huge money too. As it uses powerful computers that are specially built for this
purpose only and the higher the number of computers, the higher number of
blocks will be extracted which would result in higher rewards.
5. The year 2140
It has been estimated that by the year 2140, the last bitcoin will
be mined and that will end up this heist. Only 21 million Bitcoin can ever be
produced and 18.8 million have already been mined and we are left with only 2.2
million which will take approximately 120 years to mine it out. The way Bitcoin mining works, the number of
Bitcoins that can be mined gets halved every four years. This means that almost
90% of the total possible Bitcoin is already in circulation.
6. Costliest Pizza
On May 22, 2010, Laszlo
Hanyecz, paid 10,000 BTC at papa John's pizza roughly would be around $41 at
that time and that registered as the first commercial Bitcoin transaction ever. Taking today's price would be around $500 million which makes it even
more eye-catching and magnificent.
7. 668 million
Until now about 668 million bitcoin transactions
have been executed since 2009 and at this time about 265,714 transactions happen
every day this number has touched the sky in recent times only.
8. Faster than The Fugaku
The world’s fastest supercomputer works at
442 petaflops which is a quadrillion floating-point operation per second. If
you at the entire Bitcoin network, the processing power is about 80,704,290
petaflops. But a supercomputer can do several different things, while the only
thing at Bitcoin network does is add blocks to the blockchain.
Recently, Bitcoin has progressed to a whole
new level and according to research, it has been told that in the future it
will dominate the market and have worthy to replace paper money. Let's see what
will happen in the future and live in present.
SIGNING OFF.
Interesting.
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