10 Things You Didn’t Know About Bitcoin

The Mysterious Creator

In 2009, a person or a group of people known as Satoshi Nakamoto introduced Bitcoin to the world.

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The Satoshi

As a sign of respect for Bitcoin’s creator, the smallest unit of a bitcoin is known as a satoshi. One satoshi is valued at around 0.00005 U.S. dollars (as on 11th April 2019), which is a very, very low value.

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Losing Bitcoins

Losing your Bitcoin address, which is also known as your private key, not only means losing your unique identification

3

Liberland

In April 2015, a micronation between Croatia and Serbia known as Liberland was born.

4

Processing Power

The process of mining bitcoins is expensive; you pay a lot in money, time, and electricity. Mining bitcoins requires servers used for that specific purpose.

5

Power Consumption

Ireland consumes approximately 5,000 kilowatt-hours of electricity each year. All the bitcoin mining farms together consume about 60 terawatt-hours of electricity, which is approximately 6 x 1010 kilowatt-hours—a large amount of power.

6

Bitcoin Ban

Although several countries around the world, such as Canada and America, have wholeheartedly accepted Bitcoin, some haven’t. Countries including Bolivia, Iceland, Bangladesh, and Ecuador have completely banned the usage of bitcoins

7

The Power of “B”

The terms “Bitcoin” with an uppercase “B” and “bitcoin” with a lowercase “B” mean two different things. The latter (bitcoin) refers to the cryptocurrency that is used to perform the transactions.

8

Limited Number of Bitcoins

There’s a limit to how many bitcoins can exist in the market: 21 million. As of this moment, 17 million bitcoins are already in circulation;

9

Faster Than Supercomputers

The world’s fastest supercomputer, the Summit, works at 122.3 petaflops, which is a quadrillion floating-point operations per second. If you look at the entire Bitcoin network, the processing power is about 80,704,290 petaflops

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