10 Interesting Facts About BitCoin

Bitcoin just by the name gives adrenaline of richness to people. There have been a lot of talks that are still ongoing about Bitcoins. After the huge boon with respect to values in the market for Bitcoins, there have been a lot of facts that have crept the world. And these facts were pretty much not familiar to the public until recent days. Some of the facts look very catchy like owning a hundred Bitcoins and becoming a millionaire, which is profoundly unacceptable for people with not enough knowledge and fund. Here, we have come up with the 10 interesting facts about Bitcoins that are impressive enough to dig much further.

10. If You Lose Wallet And You Lose All The Bitcoins

Basically, Bitcoins are stored and queued with the help of Blockchain and Private key. The Blockchain will hold the history of transactions ever made with the consisting Bitcoins. Without this information, there is no possibility of queuing the new Blocks on to the Blockchain. This Blockchain is accessed using a private key from the owner for sending and receiving the Bitcoins. Imagine, you lose the private key, and every Bitcoin consisted of the wallet goes awry. In 2013, an IT professional named “James Howells” lost about 7,500 Bitcoins, who had no clue of the drastic change in market value for Bitcoins. Finally, he had thrown away his computer hard disk containing the private key for 7,500 Bitcoins.

9. No Second Chance To Make A Transaction

People have experienced awful situation while making the Bitcoin transaction. Ask me how and the answer is the transaction failure either from the sender’s end or the receiver’s end. Though there are some troubleshooting methods to get the vanished Bitcoins, there are high chances that you lose them. The interesting and mysterious fact to know that, there is no clue of from where the sender is sending the Bitcoin and which part of the world is receiving it. With these flaws in mind, try not to take risk of yourself if you are not technically well versed with the Bitcoin transactions.

8. Electricity Consumed In Bitcoin Mining A Year Is More Than Ireland

Unlike other currencies where it is printed by the government of the nation, just not compare the same to the Bitcoins. As the Bitcoins are mined by specialized computers and software, a huge amount of electricity is consumed while creating each Bitcoin. Each Bitcoin transaction can consume over 300 KWh of electricity, which is capable of boiling over 36,000 kettles filled with water. Then just imagine the amount of electricity consumed for every Bitcoin mining. Considering the total electricity consumed for Bitcoin mining, the electricity consumed is greater than the electricity consumed by 19 developed countries together with slightly higher than Ireland.

7. Stealing Bitcoin Is Easy

This comes after Mt. Gox CEO filed a complaint against his bankruptcy after losing almost 850,000 Bitcoins. Imagine how easily the hackers were able to steal 850,000 Bitcoins and escaped with completely clueless. For people new to know about the Mt. Gox, the company was the biggest firm in Japan in 2014 for the largest Bitcoin exchange. The hackers who stole the Bitcoins went on a conversion rate of just one cent per Bitcoin on the official exchange site. Following the change in a nominal cost, the hackers easily purchased 2,000 Bitcoins from customers account by masking the network. In 2013, the Sheep Market place as well encountered theft of $6 million worth Bitcoins belonging to users. Evidently, the hackers had masked with the fake Bitcoin values in the users account before to completely transact the Bitcoins.

6. Hundred Bitcoins With You Today And You Are A Millionaire

With so much of discussions on different interesting facts about Bitcoins here would have apparently proved you to be very rich in fact with just 100 Bitcoins. Impressive to note that these Bitcoins were valued very cheap at the initial stage, which saw a sudden spike in recent days. One Bitcoin today equals over $8000, which means if you have 100 then you are absolutely a millionaire.

5. Bitcoins Could Be Used For Terrorism

Unlike other transactions online, where traces can be found of from where the currency is being transacted. The Bitcoin transactions can go awry with completely anonymous. No idea from where it comes and where it goes. You get it right! Now imagine the terrorism with respect to these anonymous transactions of Bitcoins. The perfect way for terrorists to plan something big with the help of clueless transactions anywhere in the world. Though the terrorist group needs to get the real-time currency for their operations, the Bitcoins could help them much more than the expectations.

4. Bitcoins Are Limited To Just 21 Million

Limiting the Bitcoins value to just 21 million is something very interesting and to be kept noted. The mining of Bitcoins is comparable to gold mining, which is emphasized to limit at just 21 million from zero. As they are compared to the gold that is mined at a very limited quantity, the Bitcoins as well are just mined using the digital means. Basically, the count of 21 million is set by the miners themselves and the effects will be imposed on self if the threshold is reached. The next question is “What could happen if there are no further Bitcoins to mine?”. Pretty tricky to answer this, as the miners will have to depend on the transaction fees to just withheld the operations. However, though the Bitcoins are limited, and the value is high now, the value will remain high due to its limits.

3. First Ever Bitcoin Transaction Was For Pizza

Crazy enough today to even think that Pizzas were bought using the Bitcoins. This comes after Laszlo Hanyecz, who posted a message on a Bitcoin forum called “Bitcoin Talk”. The comment was made on May 18, 2010, which is shocking the world today. He stated that he bought two pizzas for 10,000 Bitcoins. Mindboggling to the fact that these are worth several million today. During the time of his transaction, Bitcoins were just values to Pennies against the dollar values. Further, Hanyecz had continued to buy pizzas using the Bitcoins and have no clue how much he would have lost his Bitcoins just by buying pizzas.

2. Founder Of Bitcoin Is A Mystery

Satoshi Nakamoto is all that we know about the founder of Bitcoin. Ever wondered where he is right now and his exact origin. Still, the answer to this stand to be a big-time mystery. Some speculate that Satoshi is from Japan and aged to be a 37-year-old man. However, the claims have even justified that the source code created by him had perfect English emphasizing him not a Japanese. Further, the real identity is yet to be discovered, which continues to be a mystery even today. With just a guess, people also speculated that the first comment by him on the source code was resembling the format of the London times, while again proved that he was not residing in Japan. Finally, considering the value of Bitcoins today, he had about one million Bitcoins the time he left the scenes.

1. Bitcoin Probably Can Collapse In Future

The topic of Bitcoin coming to failure comes after the review and prediction from Mike Hearn. Hearn is a Bitcoin fanatic and enthusiast, who has been reviewing the cause of Bitcoin creation since quite some time now. He has mentioned that the cryptocurrency was created to be localized rather than keep it isolated among a group of not more than ten people. Not just that you impose risks on buying the Bitcoins with market value, but would be a great deal if the transaction ever fails. The transaction time is very high with a minimum duration of 60 minutes. Imagine a transaction fails while you buy a Bitcoin, unfortunately, and you would have no clue whom to catch hold of. Until the cryptocurrency gets decentralized, there are high chances of bitcoins failure as per Hearn.