The idea of cryptocurrency has been slowly seeping into our society, and Bitcoin is at the forefront. Despite its meteoric rise from relative obscurity to fame in recent years, few people truly understand what it means or how they work with this new form money that’s out there on almost every corner nowadays; but we’ll try not only give you some insight as well so your appreciation can grow even more! Here are some surprising Bitcoin facts.
- The Basics.
What is Bitcoin? In short – it’s a decentralized digital currency. That means no government or bank controls it. Partially cutting out the middleman, it should allow for safer transactions over the web, which sounds very enticing for myriad reasons. The technology that governs those transactions is called a blockchain. The currency can be ‘mined’ by those willing to lend their hardware for the needs of the system (processing transactions and securing the network, for example).
- The Origins.
It may seem that Bitcoin appeared out of nowhere, but it is the oldest of the cryptocurrencies and this makes it the most valuable one as well. Bitcoin is almost 9 years old at this point, and dates back to 2008. This is the year, when the first proof of concept was published by the creator of the currency – Satoshi Nakamoto.
- The Creator.
If you want to know more about Satoshi Nakamoto, well, you’re not the only one. That name is just a pseudonym adopted by the mysterious demiurge. No one has been able to confirm the real identity. A number of people stepped up to claim the title, including an Australian businessman and computer scientist Craig Wright, but none had the evidence to back up their claim. Real Nakamoto moved on from the project back in 2010, and has not surfaced since. Whoever that is, that person can definitely afford the anonymity, as they are estimated to own almost a million Bitcoins.
- The First Transaction.
First documented Bitcoin transaction was made back in May, 2010, when Laszlo Hanyecz (who went by the pseudonym laszlo) purchased two pizzas for 10,000 Bitcoins. At this point, that would be more than $420 million USD.
- The Future.
Cryptocurrency has been a hot topic in the market lately, with many experts weighing in on its value. However there’s still little history to go off of and so predictions are difficult at best – even those who think highly about crypto admit it could fall precipitously from here or continue upwards indefinitely! That said though if you don’t want your money lost forever then stick mainly within traditional investments such as stocks & bonds instead where risk isn’t quite an issue thanks largely due their stability over time.
If you do want to understand all the intricacies of the world of cryptocurrency and understand whether or not this is something you are interested in, you’ll need to find a reliable source of information. And our blog will be happy to provide it.