FAST FACTS: interesting things you need to know about BITCOIN

Bitcoin is a cryptocurrency, a digital asset designed to work as a medium of exchange that uses cryptography to control its creation and management, rather than relying on central authorities. Bitcoin has been around since November 2008 but its network has existed since January 2009, where the first block of bitcoins (worth 50 bitcoins) was issued to the purported creator of Bit Coins, Satoshi Nakamoto..There are two ways of getting Bitcoin, and those are so called “mining” or providing services via the Internet for Bitcoin as payment. You should also have in mind that there is a finite number of Bitcoin on the internet and that one of the reasons why it’s such a stable currency.

1.) The creator

is a fictitious name of the Bitcoin creator or creators.
Nakamoto is believed to own around 1 million Bitcoins worth $2 Billion.

2).American regulation

There are many questions when it comes to Bitcoin and its legality, but frankly the situation is that the validity status varies from country to country. There are those countries that support Bitcoin, and there are those that don’t. You have to check online which country supports and which doesn’t support and that information is easily acquired. The USA is also looking to control and regulate Bitcoin altogether, which is not something that anyone wants.

3.) There is a finite number of Bitcoins

As it was already stated earlier in this article there is a limited number of Bitcoins, and that’s one of the main reasons why it’s stable and why it has a certain value. Everything that is limited on this earth has fantastic value, and as same as some other things or substances have incredible value because of their rarity and limited quantity, Bitcoins also do. There is a finite number of bitcoins, 21,000,000.

4.) Bitcoins have no inherent or set value

This is another fact why Bitcoin has unique and stable value. There is no other currency or anything from which Bitcoin inherited its worth. Bitcoin has a certain value, but it varies depending on what services were provided for them.

5.)Automated Teller Machine

There are 1354 Bitcoin ATMs worldwide, in 55 countries by 21 ATM producers and 231 operators.

6.) You can mine Bitcoins

There are many ways for you to get Bitcoin and one of the most efficient are this so called “mining.” This term is used for those who earn Bitcoins by solving math problems while using special software that will distribute a certain amount of Bitcoins in exchange for those solutions. And the people that do this kind of work are so-called “miners.” This is one of the most interesting ways of implementing a currency as well as it motivates people to deal with mathematical problems.

7.) Illegality

Bitcoin is illegal in Vietnam, Bolivia, Kyrgyzstan, Iceland, Ecuador, Bangladesh and Thailand.

8.) You can send money with little to no fees

The main reason for the existence of the bank fees is profit because it doesn’t cost a thing for a bank to transfer money to another account. That is just one of many ways how banks are robbing us and taking our money for nothing. When you use Bitcoins, there are no fees when it comes to sending money to someone, because there is no one that owns Bitcoins thus there is no one that would feel a need to make a profit out of those transfers.

9.)Mining Pools

Chinese mining pools control more than 70% of the Bitcoin network’s collective hashrate (the speed at which a computer is completing an operation in the Bitcoin code)

10.) Death of MT GOX

The world’s largest Bitcoin exchange MT Gox crashed in 2014 and prices fell by 40%..Mt Gox was a company that was handling almost 70% of all the transactions based on Bitcoin, and at the time of the crash, it was holding over 850,000 Bitcoins, which is valued to be the same as 450 million dollars. That accident is considered to be one of the biggest thieveries of all time, and since the Bitcoin is untraceable, they only managed to retrieve 200,000 Bitcoins.

11.) The end of mining

The end of the “mining” is inevitable since there is only a limited number of Bitcoins. Therefore, the actual end of “mining” will be when the last Bitcoin is mined. When there are no Bitcoins left, there will be no need for miners. It is estimated that the 2140 year will be the year when the last Bitcoin is mined

12). You can anonymity

This is one of the best perks of the Bitcoin, there is no trace back to you, and that is the main reason why more countries are banning and prohibiting the use of this currency. You can pay for anything with Bitcoin and remain completely anonymous.

1. Limited supply

You must be aware of this at all time, there is a small number of Bitcoins that are available online, and that’s it. This is the main reason for the stability of this currency as well as its value. Spend you Bitcoins carefully, and there is always the same amount of Bitcoins in circulation.

14.) Overstock accepting Bitcoin

Overstock.com is accepting now Bitcoins, and this means that you can purchase the goods which this website can provide using Bitcoins. This is a great way for you to buy what you need because there are still not that many merchants that support the Bitcoin and accept payments via Bitcoin currency.

15.) Losing your wallet means those Bitcoins are lost forever

The most dangerous part of the Bitcoins is that you cannot get them back unless the other side repays you the sum. This is why you must take care of the security of your Bitcoin wallet as well as operate only with trusted vendors. Losing your wallet will put you in a position where you cannot get them back in any way, so be careful on having you’re storing and spending them.

16.) Government seizure

No single entity or government has control over the Bitcoin currency.The main reason for banning this currency is the reason you can’t find out that paid. This “anonymity” is the problem because you can easily purchase anything illegal and no one can know who bought it. They can’t trace the Bitcoin back to you.

17.) Black Friday Bitcoin sale

This is the place where you can get Bitcoin for cash, and then further use them to purchase anything there is available to be purchased using this currency. The best way for you to get some Bitcoins is Black Friday.

18.) Physical Bitcoin

The same way there is a digital Bitcoin, there is also a physical Bitcoin, which is pretty much the same thing as the digital, and it also holds a piece of digital information. There are a little fewer companies and markets that deal with physical Bitcoins than the ones that are working with digital Bitcoins.

19.) No one single entity controls this currency

Bitcoin is open-source software, which means anyone and everyone does not own it can access it. The same way you connect to some website and download some images or songs, the same way you can get the Bitcoin. Also, no company stands behind the creation of Bitcoin, thus, since the creator is anonymous, there is no owner.

20.) You can buy things with Bitcoins

Yes, and you don’t have to doubt that at all. You will be able to purchase anything as long as the provider of those goods accepts the payment in Bitcoins. This is becoming more and more popular, and you will find more things at your disposal which you can pay for with Bitcoin.

21.) Frequent shift in value

This is something that is also inevitable when it comes to the stability of the currency. The more Bitcoins there are, the lower the value will be, the fewer Bitcoins there are, the better the value will be. This is a fact, and that is something that is usual for all kinds of things.

22.) Payment for academic fees

University of Nicosia, Cyprus, was the first university to accept Bitcoins to pay for academic fees.

23.) You can see all the transactions

Since it is software that is available for anyone, everything regarding Bitcoins including detailed reports of the operations is also available. There is no one behind this currency the information is also not controlled by anyone. You can easily search on the Internet for all the detailed information about the Bitcoin transactions and be sure that you will find what you’re looking for.

24.)You cannot reverse a transaction to be forced to pay

Well, this is a thing that just has to be this way, and once a transaction using Bitcoin is made, there is no coming back. In other words, a transaction cannot be reversed. You can trust the security of operations because you will be forced to use a website that handles them correctly. Also, you don’t need to be concerned about being forced to pay for something just because this is a digital currency, it just as same as regular money, if you don’t want to pay for something, you don’t have to.

25.) Bitcoins are held in digital wallets

If you were wondering where you will keep your Bitcoins, it’s simple; you will have a wallet of course, but a digital one. It’s the same thing as with bank account only it has a different name, and you don’t have to pay any annual fees to keep that wallet. It acts as a physical wallet, and you will have your Bitcoins in one place from where you can do whatever you want with them.