Cool Facts about Bitcoin that you must know
If you’ve been following the recent financial news, then chances are that you’ve heard both about bitcoin and its underlying network, the blockchain. The digital currency, which has taken the financial market by storm is getting more and more praise on a daily basis, but there are still numerous facts that people don’t know about it.
In this article, backed by an infographic created by the team behind <a href=”https://bitcoinplay.net/58-insane-facts-about-bitocin/“>Bitcoin Play</a>, we will discuss a couple of cool facts about the digital currency.
1. The identity of its creator
So far, the bitcoin community has no idea who the creator of the digital currency really is. Commonly referred to as Satoshi Nakamoto, he designed bitcoin and also created the original reference implementation alongside with the blockchain network. In May 2017, it was believed that Nakamoto owned around $4.7 billion worth of bitcoin.
2. It is decentralized, therefore no one has full control
Perhaps one of the best attributes of bitcoin is the fact that it is decentralized, therefore no single entity of government has control over the digital currency. All decisions are taken once 50% consensus is reached, with no one capable of acting on their own and changing protocol.
3. There’s a maximum number of coins
That’s right. Unlike traditional currencies where governments can simply print out more, bitcoin is limited to 21 million coins. So far, there are around 16.5 million coins in circulations, yet it’ll take a few more years before the threshold is reached. Regardless, it is believed that 64% of the coins have never, and will never be used!
Based on everything that has been outlined so far, we hope that you now know a bit more about the revolutionary digital currency.