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Let’s Explore Some Surprising Facts About Bitcoin

Fascinating Facts About Bitcoin

 

If you are a follower of crypto news, then it is impossible to unaware of the fact that Blockchain and Bitcoin are connected. Still, if you are a newbie to the crypto world, then you must know about the link between blockchain as technology and Bitcoin as a cryptocurrency running onto it. While exploring some surprising facts about Bitcoin, you will be surprised to know that blockchain can exist without Bitcoin, but the latter can’t survive without blockchain. The decentralized ledger platform is a base of the cryptocurrency. But let us not delve into much about blockchain study, since our main topic is based on knowing some unknown facts about Bitcoin, which you might be unaware of.

When Satoshi Nakamoto, the said founder of the Bitcoin came up with the idea about the launching of the crypto coin on 3rd January 2009, it was unexpected for everyone to see its popularity grow all over the world. Apart from founder blockchain technology also share the credit for being a driving force behind it. However, the much buzz that Bitcoin created, the more it became an intriguing subject for the people to discover more and more dazzling facts or even conspiracy around it. An exciting curiosity about how can I invest in Bitcoin is also noticed among many crypto enthusiasts.

Mystery Behind Bitcoin Founder

While going through the whitepaper of Bitcoin, you will notice about the digital currency founder, Satoshi Nakamoto, as a mysterious person. Even though most of us claim him to be the real founder, still, there are different opinions among the people about the real founder. One of the surprising facts about Bitcoin lies in the name of its founder. The name Satoshi has a meaning in Japanese. The first name defines acumen, intelligent and reasonable. Where Naka means to be inward or connection, the remaining part Moto means the base. The name of the founder also comes with different meanings which suggest the name of four tech stalwarts. The two letters of the first name indicate Samsung and Toshiba, whereas, the surname means Nakamichi and Motorola. 

Surprising Facts About Bitcoin Buying

Now coming to another surprising fact which is about Bitcoin is filled with a mix of success and woes. The initial transaction of the dominating currency was the buying of pizzas with 10k Bitcoin. But in contemporary time, it is considered to be the expensive food order in the history of Bitcoin. If you are a Bitcoin holder, then you must be believing in the fact about the decentralization nature of Bitcoin and the absence of middleman or any other supreme entity over it. But some individuals contradict this fact and believe that it is owned by four big entities, which are ConnectBTC, BTC.com, BTC.TOP and AntPool. This shows the loophole and weak area of the cryptocurrency functioning method.

There have been weird facts regarding Bitcoin’s bizarre purchase. It is accepted as a mode of payment by the seller. You might be familiar with the USD smallest unit, cent, but is unaware of the fact that Bitcoin also has a smaller unit, which is Satoshi. It is a lower denomination to carry out transactions. The unit Satoshi, represents the Bitcoin’s founder name, Satoshi Nakamoto. 

There has been a difference in opinion among people about Bitcoin, being a commodity or currency. Well, the truth is it serves both the purpose and is viable for buying. But it remains a commodity for some government agencies. Besides trading in Bitcoin, many people have gained immense profits from selling Bitcoin mining hardware and graphic cards. The rise in popularity of Bitcoin made the availability of Bitcoin’s ATMs all over the world. Among many countries, the US is the one that has maximum ATMs. Now, this might seem surprising facts about Bitcoin.

Public and Private keys are the two most essential elements which play a vital role in carrying out the process of Bitcoin transaction. These keys come in letter and figure forms. Without these keys, it is not possible to carry out transactions. 

Lost And Found Of Leading Digital Currency (Bitcoin)

Apart from the success of Bitcoin, there have been cases of Bitcoin getting lost. And also about those who were lucky to find their adorable crypto coin. As per some sources, the hefty amount of Bitcoin in the transaction got lost and did not recover. This all happened due to failure in managing the two keys.

Another surprising fun fact about the Bitcoin is the maximum crossing figure of total Bitcoins in existence. Also, one million dollars of Bitcoin worth are held by more than 23,000 Bitcoin wallet addresses. This also includes the wallet of Bitcoin founder, Satoshi Nakamoto. There is even an estimation about the demise of Bitcoin with the massive crash in the value. This may sound interesting for every Bitcoin holder that the generating of online Bitcoin obituary is now possible. 

Conclusion

So these are some surprising facts about Bitcoin which you might not be knowing. It will be no wrong to state that the popularity and success in which cryptocurrency has tasted in the form of new monetary technology is all because of Bitcoin. More than that kudos to the founder of this dominating cryptocurrency, Satoshi Nakamoto, who introduced it on 3rd January 2009. This might be surprising for the founder too, who didn’t expect a global success of Bitcoin. But when it made a buzz and made a new entry, then there was no looking behind. Though it faced criticism and restrictions by some countries, including big nations like India and China. But finally, it won.

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sujitkumarpathak

Sujit received his Bachelors in Science from the LNMU Darbhanga. He is currently working as a Freelance Digital Marketing specialist. He has more than three years of professional experience in information systems, security policies, technologies, and Cryptocurrency. He has published 6 books in the area of information security and assurance. He has published more than 50 research articles in leading journals Regarding the Latest and Breaking Crypto News and updates, and bitcoin price prediction 2021. His research interests include access control, computer forensics, Digital Marketing, Web development, business hacks, player experience, and virtual storytelling.

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