Interesting Bitcoin Facts Every Bitcoin Owner Should Know

Bitcoin is a cryptocurrency that was created in 2009 by an unknown person Satoshi Nakamoto.

Bitcoin is the first decentralized digital currency and works without a central bank. Transactions are done with no middle men.

It is form of digital currency that can be transferred peer-to-peer with no middle man they are mine by using computer chips solve math problems.

When Bitcoin was first created you could mined them on laptop but now they are mine in giant server farms because it’s processing power increase.

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China is a home to most of Bitcoin mine. China consumes about half of the power that the whole world uses for Bitcoin mining.

Japanese setting out on the different path embracing the crypto moment Bitcoin trade. Japan account for nearly half the Global trade volume as compare to the 25% in the US in number.

The number has increases as government passed a new law earlier this year recognising the digital currency and legal form.

The law encourages some big retailers hear to partner  with a Bitcoin exchanges and begin accepting the digital currency there are already more than 4500 stores that let you  pay with Bitcoin here and Nikkei says that number code increase 5 fold by the end of the year.

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How to buy and sell Bitcoin:

Bitcoin

People can send Bitcoin to each other from mobile apps or computers. It’s similar to sending cash transfer digitally.

In Bitcoin name of buyer and seller never reveal you can only see their Bitcoin ID. It keep it as private allow them buy and sell anything they want. It cannot be traced easily.

That’s the reason why it is used by people who deals in hacking, drug dealing and other illicit activities.

First bitcoin Purchase:

The first Bitcoin purchase was for pizzas.

Two Papa John’s Pizzas were exchanged by Laszlo Hanyecz for 10,000 BTC on 22 May 2010. This was the first official documented purchase of products using Bitcoin.

Bitcoin Price History:

Year

Price of  Bitcoin

2010

    $0.31

2011

$6.18

2012

$13.44

2013

$751

2014

$317.06

2015

$435.7

2016

$952.5

2017

$16764.53 (To date)

 

Who is Satoshi Nakamoto?

Bitcoin

One of the biggest mysteries in technology world is the identity of Satoshi Nakamoto the computer programmer who invented the digital currency Bitcoin.

Satoshi Nakamoto is a pseudonym may be the name of it may be the name of one person, name of male or female, or the name of a group.

But for over 9 years now of Bitcoin existence ,no one has figured out  who or what Nakamoto really is beyond solving long standing mystery and  what sort of impact would covering Nakamoto’s identity actually have?

To answer that question let’s start at the beginning

In 2008, Satoshi Nakamoto published online page ‘white paper’ containing the first ever mention of Bitcoin calling it a “Peer- To- Peer electronic cash system”.

At this point Bitcoin was just an idea on paper but in 2009, Nakamoto put the concept to test.

Nakamoto was active those first few years writing in forum, sending emails and working with other developers and coders to improve the program.

That all changed in 2011 when Nakamoto essential vanished. No more forum entries, no more emails and all that time, nobody, not even close collaborators ever met the founder in person but here’s the thing.

Whatever it is, they didn’t walk away empty handed estimated to have 1 million Bitcoins which, as of today, is worth over $ 5 billion dollars.

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So why did he disappeared?

Well there are two competing theories that is “good Satoshi hypothesis” which holds that the Satoshi really wanted to let Bitcoin go and become its own thing without him and the other hypothesis is that Satoshi really just want Bitcoin taking off and wanted to keep his privacy that matter in cryptocurrency.

Professor at John Hopkins University told that a letter hypothesis is more likely and, as evidence, He points to the story of Dorian Nakamoto Japanese American who in 2014 was incorrectly identified being the inventor of Bitcoin.

Just a couple of years ago news be identified a man named Dorian Satoshi Nakamoto Who isn’t Satoshi Nakamoto, but they thought he was and reporters descended on his house and tore apart his life.

But some people being in the limelight is exactly what they want take. Craig Wright  he is formal Australian academic who, in 2016, told the BBC on camera that he could prove he was the founder of Bitcoin.

It didn’t quite work out that way security researcher Dan Kaminsky concluded Wright’s claim was this is intentionally sacammery.

For someone like Craig Wright it may have been beneficially in his mind to claim that authority you are able to speak at conferences, get a lot support.

Ben Yu as a cryptocurrency investor living in San Francisco he think that Nakamoto is an Nick Szabo  American computer scientist strong evidence pointing to certain people who maybe Satoshi Nakamoto but ultimately nothing definitively conclusive.

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Why do people keep searching?  

It’s come down to money and politics Bitcoin has finite supply. There are only 21 million that can be mined.

Nakamoto is assuming to have 1 million of them which amounts to about 5% of entire cryptocurrency.

Let’s put that in perspective take gold the US government holds the most gold reserve of anyone in world  About 8000 tonnes estimated total gold in the world is 1,87,000  tonnes.

So the US has about 4.3 % of the world total supply. That means Nakamoto may have biggest stake in a Bitcoin than the entire US government has in gold.

If Nakamoto were uploaded all these Bitcoin quickly the value of crypto could tank. The main thing about Bitcoin is that if you have a million of Bitcoins you have ability to flood the market at any point of time.

But some people don’t think the impact would be long lasting ultimately like every form of currency or money Bitcoins value is predicated on its trust and Bitcoins has already been deemed extremely trustworthy by lot of people.

There is about $3 billion value being traded in volume every day and the market cap is already over $70B, so even if Satoshi did crash the price with a few billion-dollar of Bitcoin being sold ultimately it would rebound back as the trust is already there.

Satoshi would have wanted this or Satoshi would have wanted that that is easy to do because Satoshi not there as so we don’t actually know what Satoshi would have wanted.

Community may actually benefit if Satoshi did choose to come back and become a spiritual leader who could provide guidance and reconcile the community towards a consensus.

For now though it doesn’t seem like Satoshi Nakamoto is interested in coming forward anonymity provides protection privacy and peace.

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The price of Bitcoin is thousands in 2017. Bitcoin price prediction in 2018 is too much high. It is decentralized cryptocurrency having no regulation, so if you are interested in buying it thinks twice before investing in it. It has its own pros and cons.

 

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12 Things You Should Know Before Starting Your Entrepreneur Journey

 

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