Wednesday, October 13

10 Little-Known Facts About Bitcoin

It is known by almost everyone that Bitcoin is a cryptocurrency created by Satoshi Nakamoto. You may also know that Satoshi Nakamoto’s identity is still a mystery, or that a total of 21 million Bitcoin copies could be produced.

We Will Keep These Doubts In Mind With 10 Little-Known Facts About Bitcoin. What are the facts about future currencies, cryptocurrency systems and a new payment network to come?

What Are The Little-Known Facts About Bitcoin?

In the article titled “Bitcoin: A Peer-to-Peer Electronic Cash System” published under the pseudonym Satoshi Nakamoto and where the idea of ​​Bitcoin emerged, contrary to the title, the name Bitcoin is not mentioned. Nakamoto described the infrastructure to implement a payment system in his article.

10 Little Known Facts About Bitcoin 1

Records of all Bitcoins generated and transferred are kept in a distributed ledger system called blockchain. Bitcoin does not move, cannot be transferred. Users transfer ownership of Bitcoin, not Bitcoin, to each other. The amount of Bitcoin you see in your wallet is the property you can control. When paying with Bitcoin, you transfer your Bitcoin ownership not to Bitcoin. Just as you transfer your ownership right while selling a property, instead of moving that property from one place to another, you permanently transfer the right to use the Bitcoin you own to someone else.

Bitcoin can be split into 100 million pieces, but ownership rights are one. For example, if you want to transfer 1 Bitcoin of 0.5BTC in a Bitcoin address in your wallet to another person, the ownership of 0.5 BTC is transferred to the new owner, and the remaining amount is transferred to another Bitcoin address called the exchange address. same wallet. transferred. The address that holds Bitcoin’s ownership prior to the transaction transfers all ownership rights to 2 different Bitcoin addresses for 1 Bitcoin.

Satoshi Nakamoto, whose photo you found on the internet, is not the creator of Bitcoin.

10 Little Known Facts About Bitcoin 2

If you type Satoshi Nakamoto in the visual search section of search engines and search, you can reach the above photo (or similar). However, although the official name of the person you find is indeed Satoshi Nakamoto, it is not actually Satoshi Nakamoto you are looking for.

Dorian Prentice Satoshi Nakamoto, whose photo you have reached, has no connection with the pseudonym Satoshi Nakamoto, the creator of Bitcoin, except for the name resemblance. In a news published in Newsweek on March 14, 2014, Dorain Nakamoto was claimed to be the creator of Bitcoin, but he did not accept this claim and declared that he had no ties to Bitcoin.

Bitcoin will never reach 21 million

Bitcoin is a limited supply of cryptocurrency since the first block produced (Genesis Block). Bitcoin production continues, although 50BTC, initially released for each validated block, decreases by half every 210,000 blocks (approximately every 4 years). On May 11, 2020, when the 3rd block reward halving took place, the amount of Bitcoin produced every 10 minutes decreased to 6.25 BTC. It is estimated that production will continue until 2140. However, Bitcoin will technically be produced at the most 20,999,999.9769 units, but will be limited to 20,999,971.02187096 units, due to approximately 29 Bitcoins lost due to technical errors.

Lost Bitcoins make others a little more valuable

In 2013, a British named James Howell discarded the hard drive containing a Bitcoin wallet containing 7,500 Bitcoins. Howell mined Bitcoin with his laptop in 2009 and produced 7,500 Bitcoins. However, as it became costly to produce Bitcoin with his computer, he quit mining Bitcoin and sold his computer to a virtual market. Although he disassembled and stored the hard drive containing the Bitcoin wallet, he discarded the hard drive along with some old items in 2013. He lost more than $ 80 worth of Bitcoins because he had no other backup of his Bitcoin wallet. million today.

Satoshi Nakamoto, on the Bitcointalk forum, for lost Bitcoins, “Lost coins make everyone else’s coins only slightly more valuable. Think of it as a donation for everyone.” commented.

The message in the Block of Being

While Satoshi Nakamoto created the first block of the Bitcoin blockchain on January 3, 2009, he added The Times headline (The Times 03 / Jan / 2009 Chancellor on brink of second bailout for banks.) To the initial block of the Bitcoin blockchain. The message “The Chancellor on the brink of a second bailout plan for Banks” is thought to have been chosen both as confirming that the Bitcoin blockchain was actually produced on January 3, 2009, and as a criticism of the classical financial system.

Bitcoin transfer without internet

In order to transfer Bitcoin, you need to forward your transaction to the Bitcoin network. However, on February 12, 2019, two amateur radio operators managed to transfer Bitcoin from Toronto, Canada to Michigan, America, using shortwave radio signals, without using the internet.

In order for the Bitcoin transfer to be carried out, the transaction must be written to the Bitcoin blockchain. Since no internet connection is used in this transfer process, the Bitcoin transfer is considered offline without being written to the blockchain.

Moreover, you can transfer Bitcoin without internet. First you need to transfer Bitcoin to a Paper Wallet. You can then transfer Bitcoin without using the internet by giving this wallet to the person you are paying. (Anyone who receives this wallet from you can transfer all the Bitcoin in the paper wallet to their wallet using the private key on it.)

Most valuable Bitcoin transfer

On November 16, 2011, 550,000 Bitcoins were transferred at one time. 500,000 of 550,000 Bitcoins from 11 different addresses, each hosting 50,000BTC, were sent to just 1 address. This transfer, valued at approximately $ 22 million at the time of the transaction, was equivalent to approximately $ 5.87 billion at the time we prepared this article.

Do we trust Bitcoin
Do we trust Bitcoin