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Top 10 Bitcoin Facts

By Author: Mutahir Abbas
Total Articles: 1

Top 10 Bitcoin Facts

Its time to put your money where your monitor is and while it doesn’t grow on trees it does grow on your hard drive. Nowadays, blogs about bitcoin are getting enormous traffics especially regarding Bitcoin Miners.
Today we’re counting down our picks from the top 10 bitcoin facts.
Bitcoin Basics
Otherwise referred to as electronic money or virtual currency bitcoin is a peer to peer payment that offers the 21st century alternative to regular brick and mortar banking a bitcoin is something that most users will never see or never touch beyond their computer screen exchange are made via wallet software rather than the traditional wallet in your back pocket and there exists no central bank or authority so the value of your bank balance is set entirely by the supply and demand of market.
Buying things with Bitcoin
As with all money its best if you are able to spend its been gradual but there are more and more commodities becoming available to bitcoin holders perhaps the most high profile acceptor of the currency is virgin galactic where their upcoming space tourist flight are purchasable through Bitcoin. If you prefer your transport a little more traditional then Lamborghini is the motor company to give the go ahead and what car stereo would be complete without Spice girl Mel B. she was the first musician to recognize payments for her music.
The Numbers
The bitcoin supply is finite in production of bitcoin romantically called mining with millions of dollars of worth mined or exchange electronically each day. Every bitcoin exchange is verified using an extremely complex algorithm and these verification are done by a large network of mining computers competing against each other. When miner is verified through transaction he or she rewarded with small amount of bitcoins this is how new bitcoin introduced in system and mining is a lot of work and globally the network of mining computers which are 250 times more powerful then worlds 500 supercomputer combined.
The Value
With nothing in your hand the bitcoin value might seem indecipherable and as a new concept it does fluctuate however in general the value seem to be increasing in November 2011 after a crash in bitcoin worth $2. In November 2013 the bitcoin value climbed to over $1000 and briefly worth more then a ounce of gold. Its value has since fallen just imagine the level of security when the first bitcoin was cash machine in Vancouver CANADA, the previous month.
Bitcoin and Bankruptcy
An old saying said “You have to speculate to accumulate” and there are speculate of plenty when it comes to bitcoins while there are winners there are inevitably losers too. In 2014 Mount GOX the one time largest bitcoin exchange was forced to file for bankruptcy protection due to possible hacking, theft or mishandling that cost them in excess to $450 million. Bitcoin is the currency that can lose up to 80% of its value in second, so, Mount GOX was in big trouble very quickly.
Banning the Bitcoin
Probably because its subverts the traditional banking and works outside government regulation. Bitcoin is outlaw in many countries around the world. And its heavily frowned upon in many others. In July 2014 Thailand become the first country to ban the bitcoin though their leaders relax the ruling. China with its high global profile banned banks from trading bitcoin in December of same year. The US fed has also flexed its monetary muscles by shutting down the physical production company in 2013.
Know your Limits
The number of bitcoin that can exists is limited to 21 million and the production rate is schedule to be halved every four year to ensure that the value of bitcoin is not lost, this means the supply will run out by 2140, and although the miners are not going to be rewarded with bitcoin they still be paid through their transaction fees. As before deadline roughly 64% bitcoins sit unused in their respective accounts appreciating and depreciating with time.
WikiLeaks
The notorious organization WikiLeaks relies very heavily on this futuristic form of finance in mid-2011 the non-profit whistle blower group began using bitcoin as a method of processing donations because other transfer companies wouldn’t deal with them to becoming so dependable on unpredictable perhaps not so wisest move but so far using the cryptocurrency hasn’t done a lot of harm to the media profile of Julian Assange and company.
Silk Road
The equally infamous silk road website used bitcoin as a form of currency, a blacked market trading website that specialized in illegal drugs and goods as well as some more reputable product it provided browser with anatomy and made its money using bitcoin when alleged site founder Ross Ulbricht was arrested, his estimated fortune was so invoiceable that its believed that well over half remain unaccounted for.
The Bitcoin Beginning
Satoshi Nakamoto is a person or persons behind bitcoin launching the software in 2009, Nakamoto past majority control on two scientist Gavin Andresen in late 2010, and Andresen comments capture bitcoin perfectly when he said “Bitcoin is better gold then gold”, Nakamoto is believed to be possessing 1 million bitcoin which is equal to 1 billion US dollars but his name is probably pseudo name and the real identity of Nakamoto is Unknown. It’s been suggested that electronic company Samsung, Toshiba, Nakamichi and Motorola are the founders but there is no conformation, it’s the mystery for modern world.
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