Background
Bitcoin is a phenomenon that a majority of people in the world are familiar with. Not only is it the first crypto, but also the leading crypto among all, with the highest market cap and price per coin. Bitcoin is one of the most profitable digital assets and a very lucrative investment tool.
Nonetheless, despite this massive popularity, there are some interesting and insightful facts about BTC that not everyone is aware of, and not just the rookies but even the pros in the market. Thus, we aim to identify and discuss some of these interesting facts about bitcoin in the article below.
Although, there are several others which the readers can research at their own will, in this article we have presented the top 4 facts which are commonly unknown to the people. So, let’s proceed on to discuss these facts without any further ado, which are as follows:
- The mysterious creator of BTC
To date, it is believed that the creator of Bitcoin remains unknown; another reason which makes it a relatively unreliable asset to invest your wealth in. There are, nonetheless, some claims which run parallel to this anonymity, claiming that the name of the creator of BTC was ‘Satoshi Nakamoto’, an individual from Japan. Nevertheless, bitcoin was created in 2009, when Satoshi Nakamoto wrote a paper on it and later introduced it to the world. It should be known that a few months after this introduction, it is said that the creator went missing and was never spotted anywhere in the world after that. Other than his identity, nobody has spotted his physical presence anywhere, and his existence is unknown, whether he is alive or not. Despite this abrupt absence, it is claimed that some people were still in contact with him through emails and other virtual mediums.
The wallet of Satoshi contained 0.98 million bitcoins, thus including him among one of the wealthiest in the crypto market.Want to learn about crypto trading and enhance your trading skills? Visit bitqt trading platform, in order to benefit from the best automated crypto trading bot in the market.
- Losing BTC
This fact about bitcoin is not just like others, as it tells us about the vulnerability of it and how easily we can lose them. It should be known that your bitcoin address holds key importance as it contains all your bitcoin holding. If you lose this key to someone, well, you lose all your bitcoins (to them). This key is sometimes also referred to as the ‘private key’. Losing this key means losing your ownership of those coins. This loss is irreversible, as these coins cannot be reclaimed due to the absence of a regulatory or governing authority in the bitcoin network. Reports show that more than 60% of the bitcoin addresses are ‘ghost addresses’. These addresses refer to as the ones which have been lost and lie unclaimed i.e. without the claim of ownership by anyone. This means that so many people have lost great chunks of their wealth due to losing their private keys.
- BTC Restrictions – Bon on BTC in several Countries
While some of the countries, the more developed and progressive ones like the UK and United Kingdom, have not only allowed bitcoin to be considered as a genuine currency but are also making efforts to promote it, others, the more underdeveloped ones still have restrictions in place for the crypto. These countries do not accept crypto, like bitcoin as a legit currency and have therefore placed a ban on their circulation. Examples of such nations include Iceland, Bolivia, Pakistan and Bangladesh, who have placed a complete ban on bitcoins. Others, such as India and others have, even though, not banned the use of crypto, but do not accept it as legal tender and also warn their public to be alert while trading these digital assets.
- Unlike the fiat, Bitcoins have a limit
It should be known that bitcoin has a total limit of coins which can be generated. People should not confuse it with the production process of the fiat, which can be generated according to the demand, and has no limit capping it. This limit of bitcoins is set at a total capacity of 21 million, of which almost 85% have been mined, figured to be around 18.5 million coins. This just leaves behind a total of 2.5 million remaining coins that will be mined until the next century, till 2140. We need to learn how miners are rewarded in the system of bitcoin networks. Miners first add a new block to the block chain, for which they are rewarded a total of 12.5 BTC. It should be known that this figure is reduced to its half as the next four years pass by.
