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The world is transforming quickly as new technology has changed almost everything around us. Modern technology has left nothing untouched, not even the currency. It is provided as an alternative to fiat currency; Virtual currency is also known as cryptocurrency. There is a wide range of virtual currencies that you can use to make your day-to-day transactions, but the most popular and trusted one is bitcoin.
Bitcoin is a cryptocurrency that is decentralized and based on blockchain technology. Unlike fiat currencies, there is no authority that issues or controls bitcoin. Its vast network of users completely manages it. Bitcoin has numerous uses such as regular transactions, online shopping, trading, investment, etc. If you are looking for an app for bitcoin trading, then the bitcoin future is the best option.
Bitcoin is a unique digital currency, and there are several unknown facts about it. If you want to know about some of the most mind-blowing facts about bitcoin that you never knew, you must read the paragraphs below.
Pizza is the first thing purchased with bitcoins.
Now where everyone is crazy about bitcoins, and it has massive value in the market, you will be shocked to learn that the first purchase made with bitcoins was of two pizzas. Someone purchased two pizzas with bitcoin in the year 2010. It is the first-ever recorded bitcoin purchase, and at that time, there was no value of bitcoin.
Two pizzas were bought for a whopping 10000 BTC, which amounts to $25.8 million according to the current value of bitcoin. At the time of this purchase, 10000 bitcoins had a value of a mere $41. It is one of the surprising facts about bitcoins as no one can believe that the currency, which is so valuable currently, had no value at some point.
No one knows who invented bitcoin.
Bitcoin has no owner, as there is no proof that who created bitcoin. When it comes to the inventor of bitcoin, Satoshi Nakamoto is a name that often surfaces, but his real identity is still hidden. However, few people, such as Craig Wright, claims to be the inventor of bitcoin, but no one out of them has been able to prove it.
Most of the bitcoin users are unaware of the fact that the digital currency they are using doesn’t have any proven owner or inventor. Bitcoin transactions are managed and controlled by the users only as there is no governing authority present, and it has become one of the major reasons behind its success.
Bitcoin is untraceable as well as traceable.
Anonymity is one of the most important things people look out for a while, making a transaction. It is also one of the most outstanding bitcoin features as it allows people to make global payments without revealing their identity. Bitcoin is untraceable as it stores no information when you make a transaction, but at the same time, it is also traceable.
All the bitcoin transactions are stored in blockchain along with your wallet address. It is a public ledger, and anyone can view it. If someone knows about bitcoin wallet address, then he/she can easily use it for seeing all your transactions and how many bitcoin you own.
New bitcoins cannot be issued.
If we talk about fiat currency, its price can be controlled by altering the supply in the market as it is in the hands of authority. It is not possible with bitcoin as there is no institution that can issue new bitcoin in the market. There are around 21 million bitcoins in the world, and this value will remain the same forever.
Bitcoins are created through bitcoin mining, and only 21 million bitcoins can be mined, out of which 16.3 million have been mined already. It is believed that by the year 2140, all bitcoin will be mined, and after that, no more bitcoin will be issued in the market.
You can use it as a common medium of exchange
Most people are confused about the uses of bitcoins. There are several goods and services that you can buy with bitcoins as it is now accepted all over the world, and numerous businesses are starting accepting bitcoin payments. You book a flight ticket, shop online, and much more with bitcoins.
