10 interesting facts about cryptocurrency

You have all heard about cryptocurrency. I have heard and read about it too. Many fans say it is “the financial revolution...the free for all money...the equitable distributor of wealth...”. Some even say it is “the death of the dollar”, as written by Jeffrey Robinson in his January 2015 publication (The Naked Truth About Bitcoin) on Daily Beast.

As explained by www.cryptocoinsnews.com “a cryptocurrency is a medium of exchange like normal currencies such as USD, but assigned for the purpose of exchanging digital information through a process made possible by certain principles of cryptography”. Only a few people will understand that at first reading. But the good part is we don’t need a diploma in cryptography to be able to keep or transact with it.

First, there is Bitcoin and Ethereum. Then Litecoin. Do not let us bother about what similarities or differences each variety have. They are all cryptocurrencies and the fact is that they have the same functional processes. You should however, know a few things about cryptocurrencies.
Here, I present you, 10 Interesting Facts About Cryptocurrency:

1. Creator of Bitcoin maintains anonymity
Satoshi Nakamoto, the creator of Bitcoin has an identity that still eludes the world. The name appears to be a pseudonym. He (assuming it is a ”he”) is said to produce approximately 3,600 Bitcoins every 24 hours in a digital block mining process.

2. Investors In Bitcoin have financial security
In the first half-decade of its creation, the value Bitcoin grew astronomically from $0 – $1,000. Currently, a unit of Bitcoin is worth more than $6,000!

3. Bitcoin is Limited
Contrary to popular belief, Bitcoin is exhaustible. Because it is mined digitally doesn’t make it infinite. There is a schedule that has been predefined for its mining. Till date, more than 20 million Bitcoin have been collected and it is getting harder to mine with each passing day.

4. The Bitcoin network is extremely powerful
The network of Bitcoin is much more powerful than the network of supercomputers. The computing power of 500 computers if consolidated, is approximately 274 Pflop/s. Bitcoin networks’ computing power according to experts, is 2,046,364 Pflop/s.

5. The FBI owns one of the world’s largest Bitcoin wallets
Bitcoin are stored in wallets. One of the largest Bitcoin wallets in the world is owned by the American intelligence department, FBI. After operations that lead to the shut down of Silk Road, assets seized from the owner estimated FBI as having $120 million worth of Bitcoin.

6. Bitcoin transactions are literally impossible to trace
Bitcoin is popular for its use in dark web transactions. Many illegal purchases of items such as weapons, narcotics, and contrabands are made using Bitcoin. This is because there would be no evidence of transaction. Most times, the entities involved are anonymous to one another.

7. Bitcoin is a legal means of exchange
Cryptocurrency is legal tender just like other popular means of exchange. Wirex, a U.K. company that provides virtual payment solutions has announced its collaboration with SBI Holdings, a Japanese corporation to manufacture Bitcoin prepaid payment cards for Japanese customers. A big Real Estate firm in the U.K. also announced recently, that they will only receive Bitcoin as payment for services rendered.

8. Transactions are transparent
Blockchain is the virtual wallet where Bitcoin is stored. All transactions that occur in Bitcoin can always be viewed in Blockchain. Any interested individual can see the process. Status of transactions can also be viewed. This ensures transparency.

9. There is no monopoly over Bitcoin
Cryptocurrency is digital and no single entity has the capability to influence its use. Bitcoin is mined and its control depend on miners and users of the platform. Some governments have tried to regulate its use but their efforts have not yielded positively.

You have to pay attention to this last one:

10. A Bitcoin transaction is irreversible
Be careful while spending your Bitcoin. It is not easy to collect. While transacting on your Blockchain account, be sure of the decimated value of Bitcoin you are sending to a merchant. If you send more than the required value, the transaction cannot be reversed!

I am sure you found this post engaging. There are lot more interesting facts about the Bitcoin. Go ahead and research. We all have access to the world wide web!