Bitcoin is a virtual currency that has been making headlines for years.
Firstly, it is a decentralized currency, meaning that it is not controlled by any government or financial institution. In this article, we will explore ten surprising facts about bitcoin that you may not know.
Secondly, bitcoin has had a fast growth rate but also high volatility. Its value skyrocketed to over $69,000 in 2021 before crashing by over 60% throughout 2022. Therefore, traders must be cautious and look at the long-term.
Thirdly, the identity of bitcoin’s creator remains a mystery. An individual or a group known as Satoshi Nakamoto introduced bitcoin before vanishing months later. People could only communicate with the creator through emails and forums.
Fourthly, there are approximately 19,209,755 coins in circulation, and only 21 million in total supply. By March 2023, over 19 million bitcoins had already been mined.
Fifthly, companies like Tesla, Voyager, and MicroStrategy are some of the biggest bitcoin holders. Fifthly, the United States of America, Russia, Kazakhstan, and Canada allow people to mine bitcoin.
Sixthly, some countries have banned cryptocurrency, including Bangladesh, China, Egypt, Iraq, Morocco, Qatar, and Nepal. Trading crypto in these countries is a punishable offense with up to 12 years in prison.
Seventhly, bitcoin halving occurs every four years, and the reward for mining one block is currently 6.25 bitcoin. Block rewards have been decreasing over the years.
Eighthly, books on bitcoin can provide you with enough knowledge to buy and sell, such as Bitcoin Billionaires by Ben Mezrich, The Basics of Bitcoin and Blockchain by Antony Lewis, and Mastering Bitcoin by Andreas M. Antonopoulos.
Ninthly, bitcoin is yet to reach the position of being legal tender everywhere. However, in El Salvador and the Central African Republic, BTC is legal tender.
Lastly, bitcoin has been forked more than 100 times since launching in early 2009. A fork happens when the underlying protocol of a public chain changes.
In conclusion, bitcoin is a popular cryptocurrency with a lot of benefits, but it also has its downsides. Its fast growth and high volatility require traders to be cautious and look at the long-term. The identity of its creator remains a mystery, and some countries have banned cryptocurrency.
