Without doubt, Bitcoin is the undisputed king of the cryptocurrencies. In 2009, Satoshi Nakamoto, the mysterious creator(s) of Bitcoin, made the Bitcoin white paper an open source via the mailing list of cryptocurrency followers. Ever since, Bitcoin’s popularity has risen steadily.
You can find some truly amazing facts about Bitcoin you shouldn’t miss in the infographic compiled by cryptocurrency experts ”https://bitcoinplay.net ”Bitcoin Play
People mine, buy and sell Bitcoins every single day. Investing in Bitcoin is considered very profitable, despite its high levels of price volatility. Well, as an old good quote says: “Those who don’t take risks don’t drink champagne.” As of April 2018, Bitcoin market cap exceeds 125 billion. That is a pretty high market cap for investing in, don’t you think?
Now, check out this list of the top 4 most important facts about Bitcoin that every present and future Bitcoin holder should know. Don’t miss a thing, for your own sake!
Just read on thoroughly and enjoy the flow of information.
Bitcoins are limited in number
There is a finite number limit set on the world’s Bitcoins ever to be mined. That limit is 21 million Bitcoins. Sorry to disappoint you, if you ever thought you could mine infinitely!
But, how far are we from reaching the Bitcoin limit? Well, by the end of March of 2018, nearly 17 million Bitcoins were in circulation. So, there is still more or less 4.5 million Bitcoins to be mined. You still have chance! Yet, you’d better hurry, since the 21 million limit is predicted to be reached in 2140. Time flies fast, so…
Bitcoin transactions are irreversible
Once you have clicked the send button, there is no way of getting your Bitcoins back. That is right! No second chances while making transactions with Bitcoin!
In 2016, a Bitcoin holder accidentally made a Bitcoin transaction worth $137,000 instead of $5 with no way to retrieve it. What a loss!
Bitcoins can easily be lost
Just like you save your money in online bank accounts, Bitcoins are saved in digital wallets. The latter are quite safe, but when it comes to losing them, your Bitcoins are lost forever.
James Howell lost 7,500 Bitcoins by accidentally throwing his hard drive away, which amounted to £4 million. Now, that is a major mistake! If you want to avoid a thing like that happening to you, you better take extra caution with your Bitcoin digital wallet.
Bitcoin transactions are transparent and anonymous
All Bitcoin transactions data is recorded and can be found on a public ledger called BlockChain. There is not a single entity controlling the BlockChain, and the information found there is 100% complete and accurate.
Yet, you still can remain anonymous. The public addresses of Bitcoin wallet owners are a long string of 34 alphanumeric characters. No personal information is shared. Thus, tracing back to the real personas behind those addresses is impossible.
Now, hopefully, having learnt a thing or four from this useful list, you can be a more informed and responsible Bitcoin owner. Good luck!