Today we will talk about unknown Fun Facts about Bitcoin and some basic terms like what is bitcoin? how does it work? How can I earn money from this?
What technology does it work on? And we will also talk about some fun facts about it. Also some questions like who is the miner? What is the mining process?
And what is cryptography and blockchain technology? Also, know how it works?
Contents
Some basic Terms used for Bitcoin Cryptocurrency
What is Cryptocurrency: It is a digital currency that you cannot touch, you only see it in your account, which is why it is also called virtual currency.
Which is secured by cryptography technology, so that no one can counterfeit or double-spend cryptocurrency and no one can easily tamper with its accounts.
Cryptography: It is a method of protecting information and communication by using computer code so that only those who need this information can read and process it. “Crypto” means “hidden” and “graphy” means “writing”.
Mining Process: cryptocurrency mining or Blockchain is a complex process of validating each transaction during the operation of a cryptocurrency.
Miners: The people who assist in completing this process are called blockchain miners. They work to solve the puzzles of computer hardware and software and they serve the purpose of authenticating the transfer of currency across the network.
Blockchain Technology: It is a system that makes it difficult or impossible to alter, hack or deceive the system as the entire system information is available and new information is recorded on the record. It is essentially a digital
ledger for cryptocurrency market transactions that are duplicated and distributed across a network of computer systems in the form of a chain. Every block in the chain has multiple transactions.
Virtual ledger: Cryptocurrency is a form of digital money that is distributed across multiple computers based on a network on a ledger called a virtual ledger.
Some fun facts about Bitcoin and Cryptocurrency
1. Bitcoin was launched in 2009 by a group or individual known under the pseudonym “Satoshi Nakamoto“.
2. Bitcoins are 21 million in number. The last bitcoin will be mined by the year 2140. Therefore it is also limited like a gold reserve.
3. On March 1, 2021, there are over 18.6 million bitcoins in circulation.
4. The total value of Bitcoin is approximately $927 billion.
5. The group or person known as “Satoshi Nakamoto” created bitcoin. He is believed to have one million bitcoins, which are valued at over $3 billion.
6. Cryptocurrency is a digital currency that you cannot touch.
7. In cryptography, “crypto” means “hidden” and “graphy” means “writing”. Its purpose is Confidentiality, Integrity, Non-repudiation, and Authentication.
8. Today there is about 5000 Cryptocurrency Market available in the market but the first, popular and most valuable cryptocurrency is bitcoin. Bitcoin is the basis of most top cryptocurrencies.
9. Today, the total value of all existing cryptocurrencies is estimated to be approximately $1.5 trillion but will account for more than 60% of bitcoin. Bitcoin is the best cryptocurrency.
10. It is a digital and virtual currency that is not issued by any central authority or is theoretically out of government interference.
11. They are more secure and easy to use.
12. Disadvantages: lead to many illegal activities, tax evasion, and black market transactions, and exploitation by terrorists.
13. Elon musk cryptocurrency: On 12 July 2021, the value of one Bitcoin is equal to US$34262.30. Once Elon Musk had said that Tesla company would also transact in bitcoin, due to which people started buying bitcoin, which in the same month its value crossed almost US$50,000,
but the very next month Elon Musk said that Tesla company Will never transacts in bitcoins, causing the value of bitcoin to drop again to below about US$30000. cryptocurrency prices live
14. Countries in which Bitcoin is Legal: Canada, Australia, The European Union, El Salvador.
15. In India, can only be used for trading, in this, you cannot transact like local currency.
16. Countries in which Bitcoin is illegal: China, Russia, Vietnam, Bolivia, Columbia, Ecuador.
17. In The United States some companies are used as legal and local currency for transacting like Dish Network (DISH), Microsoft, Subway, and Overstock (OSTK), etc.
18. The concept of cryptocurrency was first discussed in 1990 by an internet group, Cypher Punk.
19. The competing cryptocurrencies of Bitcoin are known as “altcoins“. Like Litecoin, Peercoin, Namecoin, Ethereum, Cardano, and EOS.
20. Participate in the mining process is given some bitcoins as a reward. On each mining success, the miner receives as many bitcoins as bonuses. Every day around 3600 bitcoins is extracted from the mining process.
21. Bitcoin was worth $0.027 till a year after its launch in 2009, but today it is worth $34262.30.
22. Its value has increased by 500000 times till now.
23. One Bitcoin is equal to 10000000 Satoshi.
24. Only one-third of all the bitcoins in the world are used to buy things, the rest of the bitcoins are lying as they were bought.
25. People have started relying more on bitcoin, due to which its ATMs have also started becoming available. There are more than 2000 bitcoin ATMs available in the USA alone.
26. Bitcoin was first used to buy pizza, then 10000 bitcoins were given for two pizzas. They are considered the most expensive pizza and food orders in history.
27. Bitcoin transactions cannot be reversed i.e. In this, the transaction cannot be changed by anyone.
Some FAQ
What is unique about Bitcoin cryptocurrency?
What is the secret behind Bitcoin?
What is Bitcoin and how does it work?
How fast can you mine 1 Bitcoin?
This is a very difficult task, today there is competition in bitcoin mining so in today’s time it can take a single miner about five years to mine one bitcoin. This average rate is for those who use the most efficient hardware.
Blockchain or Crypto mining is a complex process of validating each transaction during the operation of a cryptocurrency. The people who assist in completing this process are called blockchain miners.
They work to solve the puzzles of computer hardware and software and they serve the purpose of authenticating the transfer of currency across the network.
