Currently, our bank is maintaining records of all the transactions through a centralized system and making sure that the transactions are successful. Its alternate can also be seen through bitcoin currency. In the future, at what level its existence will be, it depends on its acceptance. Bitcoin has no physical value. When you buy a bitcoin, it means you buy a specific bitcoin address through which you do the transactions on another specific bitcoin address. As this whole system is distributed and uses blockchain, the problem of giving power to any one institute or entity or getting hacked by someone is solved here.
Below is a list of 15 interesting facts about bitcoin that you probably didn't know.
1. The inventor of bitcoin is a mystery. Satoshi Nakamoto is said to be the inventor of bitcoin, but this person has not been found to exist in this world.
2. The first bitcoin purchase was for pizza.
3. Bitcoin was sent into space through a 3D balloon, and it became successful in 2018.
4. Bitcoin can't be hacked.
5. Bitcoin can be traceable on demand.
6. In 2009, the price of 1 bitcoin was 0.058 rupees, but now its value is 23 lakh rupees.
7. Bitcoins are legit, like digital money.
8. 1 units of bitcoin are called satoshis.
9. Sender and receiver details are hidden because they are based on alphanumeric characters.
10. Money can't be refunded.
11. If you invested just &1 in 2010, it would be worth &331,000 today.
12. Only 21,000,000 bitcoins can ever be produced, with the last one said to be mined in 2140.
13. Anyone who is under 18 can also invest in bitcoin.
14. Bitcoin has been the No. 1 cryptocurrency for 8 years.
15. Bitcoin's computing power is greater than super computers.
How does bitcoin work?
When you buy a bitcoin, it means you buy a specific bitcoin through which you do the transactions on another specific bitcoin address. Bitcoin is an automatic structure that does not require programming or coding, which also solves the problem of being hacked. Its algorithm runs on autopilot, and when the transaction is successful, you get a bitcoin as a reward. This whole system is in the form of a distributed ledger. In 2009, you could generate 200 bitcoins in 2 to 3 days, but today, if you want to generate one bitcoin, it will take you more than 150 years.
Is buying a bitcoin a good investment?
It is being said that the bitcoin market in general tends to be very volatile. Over the last decade, evidence suggests that investing in bitcoin is almost always a good idea. As there will only be 2.1 million bitcoins, this creates scarcity, especially in the face of massive US dollar printing. We have seen massive selloffs previously, but bitcoin has always managed to turn itself around. Timing when you will buy or sell is the tricky part of maximizing returns and profiting from the market and its volatility. We can find many users who support bitcoin's growth, and it is the fastest-growing cryptocurrency in the world.