Some interesting facts about Bitcoin

Most of the internet users in the world today are more or less familiar with the name Bitcoin. However, in a nutshell, Bitcoin is the world's first open-source cryptocurrency, which does not require any financial institution or clearinghouse for transactions. It is not a currency issued by the government of any country. In 2009, Satoshi Nakamoto (In pseudonym) Introduced this currency system. There are various speculations surrounding this coin and its promoter, which have not yet been unveiled. Today we are going to talk about some interesting facts about Bitcoin.

Some interesting facts about Bitcoin

Bitcoin purchase

Many people think that if you want to buy bitcoin, you have to buy 1 bitcoin. However, this is not true. The current market value of 1 bitcoin is about 9,519.14 United States dollars. You can buy less than 1 (fractional amount) bitcoin. Such as 0.01 bitcoin, even 0.001 bitcoin! Basically you can buy bitcoin up to 8 decimal places if you want.

Bitcoin demand

Some people think that the price of Bitcoin never goes down, but goes up. This is a misconception. The stock market can be compared to the market price of Bitcoin. It can decrease or increase at any time.

Transaction tracking

One of the most common misconceptions about Bitcoin is the idea of ​​tracking its transactions. Bitcoin transactions are considered by many to be the most secretive transaction. But the truth is, Bitcoin transactions are not primarily confidential, but public. Bitcoin transactions blakaceine Each entry is made, the data without knowing the user can trace the time. Therefore, it is a misconception that bitcoin transaction tracking is not possible.

Is Bitcoin the only cryptocurrency?

No. Bitcoin is not the only cryptocurrency. Many cryptocurrencies like Stellar, Ethereum, exist in the market. However, Bitcoin is the most popular cryptocurrency.

Bitcoin mining

Now the main source of bitcoin is mining, which is done through a special kind of computer. However, the idea that bitcoin mining is possible on any computer is not correct. Even if it is possible, its profit rate will be doubtful. Bitcoin mining requires a lot of computing power and advanced technology to see the benefits.

Total bitcoin supply

You may have found information on many websites on the Internet that the supply of bitcoin is limited. This idea is true. The existing system will be able to mine a total of 21 million bitcoins. However, the number of transactions can be greatly increased through fractions.

Bitcoin and the legal system

Is Bitcoin regulated by law? Many may think that it may avoid the eyes of the law as it has a confidential pseudonym, but the use of bitcoin can be regulated by law. Bitcoin has been banned in many countries.