Bitcoin is a digital currency that has been in existence for almost a decade and has been steadily growing in popularity. Thus far, the currency has been touted as a revolution in finance and a way for average people to earn wealth quickly. However, what is less well understood is the technology that backs the currency. If you’re curious about Bitcoin and what it’s all about, then you’re in the right place. Whether you’re a beginner and need help wrapping your head around it, or you’re an expert and want to share your wisdom with others, we’ve got everything you need in this collection of Bitcoin facts.
Crypto jacking
Crypto jacking is a term that describes a hacking technique that uses cryptovirology as a means to track and steal personal information such as IP addresses, usernames, passwords, and more. It can even steal information from a PC’s memory cards. This is a significant issue since sensitive information is being stolen from a victim’s computer, which can be used to commit a crime.
China is the biggest cryptocurrency miner.
Cryptocurrency mining has become an extremely competitive industry, with mining farms springing up across the world. China is no exception, with many companies competing for the position of the biggest crypto-miner. However, it now appears that the title has now been taken by the People’s Republic.
Bitcoin ban
With the US’s recent economic downturn, many countries are trying to make businesses pay more taxes. Countries like Japan, China, Russia, and Australia have all banned bitcoin outright. Countries like Brazil, Colombia, Chile, and Ecuador have imposed limitations on its usage. And, in Brazil, bitcoin is considered a commodity, not a currency.
Satoshi
The smallest unit of bitcoin is called Satoshi, named after the mysterious creator known only by the pseudonym Satoshi Nakamoto. A Satoshi is the smallest unit of the digital currency, which is currently worth about $.01. When you buy and sell bitcoins, you can simply calculate the number of satoshis you will receive.
Cryptocurrency like bitcoin can’t be banned physically.
There is a lot of controversy over cryptocurrency like bitcoin, and it is spreading to the mainstream. Many people are saying bitcoin and similar cryptocurrencies can’t be banned physically. This is false and wrong. If you want to keep bitcoin and other cryptocurrencies, you should invest in a safe and secure wallet.
There is a limited amount of bitcoins.
As of today, there are only 21 million bitcoins in existence. That number will continue to grow at a predictable rate until the year 2140 when it will stop growing and begin to shrink. Around 2140, no more bitcoins will be created.
Miners are extremely important.
Miners are extremely important for bitcoin! Miners are the servers that are maintained by the bitcoin network to track the ledger of bitcoin transactions. The role of miners is to maintain the bitcoin ledger, validate transactions, and create new blocks.
Bitcoin is volatile
The value of Bitcoin has been soaring lately. But, like any other stock or commodity, the rates fluctuate almost constantly. And these values are generally different depending on the currency it is being traded in. Take a bitcoin to naira conversion for example; it might show a certain price at a given time in the morning but can be higher or lower towards the evening.
Trading in Bitcoin should be done after proper analysis so as to make a profitable entry or exit point when buying or selling. If you are just starting with this crazy new digital currency, here is a crash course on how to get started. There are many ways to acquire Bitcoin, but the most popular method is to buy it on an exchange.
Blockchain
Bitcoin, the “digital currency” that has been making the news lately, has the potential to change the way money works for the better. It’s also unclear just how much its future will be tied to the blockchain, the distributed database that underlies the currency. If the currency ends up being successful, then blockchain will have a big role to play.
Do you ask what is so important about Blockchains? Blockchains are the only technology that can truly make the internet of value and the internet of value safe and secure.
Make sure to never forget your password.
Everyone forgets passwords, even when it comes to bitcoin. It’s just not possible for everyone to remember every password every time, so organizations need to protect their highly valuable data. One of the easiest ways to protect your information is by using a password manager. It’s a simple way to save many passwords in one place, so you don’t have to type them all in every time.
