Category : Social | Date : 12/10/2017 11:36:11 AM | ID : BLOG852914

10 things about Bitcoin no one may have told you



10 things about Bitcoin no one may have told you
1 / 11

10 things about Bitcoin no one may have told you

Bitcoin rocketed to another record high close of $16,000 on the Luxembourg-based Bitstamp exchange this week after gaining more than $4,000 in just 48 hours, stoking concerns that a rapidly swelling bubble could be set to burst.

There were huge disparities between prices across different exchanges. On GDAX, one of the biggest, the price reached $19,500.

Here are some facts that you might not know about the largest and best-known cryptocurrency.
...Read more

Bitcoin's supply is limited
2 / 11

Bitcoin's supply is limited

Bitcoin's supply is limited to 21 million - a number that is expected to be reached around the year 2140. So far, around 16.7 million bitcoins have been released into the system, with 12.5 new ones released roughly every 10 minutes via a process called "mining", in which a global network of computers competes to solve complex algorithms in reward for the new Bitcoins.
Mining Bitcoin require huge amount of energy to run
3 / 11

Mining Bitcoin require huge amount of energy to run

These mining computers require a vast amount of energy to run. As the price increases, more miners enter the market, driving up the energy consumption further. A recent estimate by tech news site Motherboard put the energy cost of a single bitcoin transaction at 215 kilowatt-hours, assuming that there are around 300,000 bitcoin transactions per day. That's almost enough energy as the average American household consumes in a whole week.


If you want to buy Bitcoin, you need not to buy a whole one
4 / 11

If you want to buy Bitcoin, you need not to buy a whole one

If you want to buy Bitcoin, you do not need to buy a whole one. Bitcoin's smallest unit is a Satoshi, named after the elusive creator of the cryptocurrency, Satoshi Nakamoto. One Satoshi is one hundred-millionth of a Bitcoin, making it worth around $0.0002 at current exchange rates.


Beware $15 billion worth Bitcoins have been stolen -- and never recovered
5 / 11

Beware $15 billion worth Bitcoins have been stolen -- and never recovered

More than 980,000 bitcoins have been stolen from exchanges, either by hackers or insiders. That's a total of more than $15 billion at current exchange rates. Few have been recovered.

No one really knows who created Bitcoin
6 / 11

No one really knows who created Bitcoin

Despite many attempts to find the creator of Bitcoin, and a number of claims, we still do not know who Satoshi Nakamoto is, or was. Australian computer scientist and entrepreneur Craig Wright convinced some prominent members of the bitcoin community that he was Nakamoto in May 2016, but he then refused to provide the evidence that most of the community said was necessary. It is not clear whether Satoshi Nakamoto, assumed to be a pseudonym, was a name used by a group of developers or by one individual. Nor is it clear that Nakamoto is still alive - the late computer scientist Hal Finney's name is sometimes put forward. Developer Nick Szabo has denied claims that he is Nakamoto, as has tech entrepreneur Elon Musk more recently.
...Read more

Bitcoin's current market cap is bigger than that of CitiGroup and Visa
7 / 11

Bitcoin's current market cap is bigger than that of CitiGroup and Visa

The total value of all bitcoins released into the system so far has now reached as high as $283 billion. That makes its total value - sometimes dubbed its "market cap" - greater than that of Visa, and bigger than the market cap of BlackRock and Citigroup combined.

Bitcoin has over 1,000 rivals
8 / 11

Bitcoin has over 1,000 rivals

Bitcoin is far from the only cryptocurrency. There are now well over 1,000 rivals, according to trade website Coinmarketcap.
Over 50% Bitcoins have never been spent so far
9 / 11

Over 50% Bitcoins have never been spent so far

Many fewer than the 16.7 Bitcoins that have been mined are actually in circulation and accessible, because of forgotten passwords, accidental losses, hoarding, owners forgetting about coins or even dying. It is impossible to know for sure how many Bitcoins have been permanently lost, because those that have are still in the system, in dormant addresses. But according to a December 2013 research paper by the University of San Diego and George Mason University, 64 percent of the 12 million Bitcoins that had by then been mined had never been spent. Bitcoin developer Sergio Lerner estimates that almost 1 million unspent bitcoins belong to the cryptocurrency's mysterious creator.
...Read more


Each Bitcoin transaction now costs around $7.30 to process
10 / 11

Each Bitcoin transaction now costs around $7.30 to process

The average fee paid to process Bitcoin transactions has soared over the past year, outpacing even the staggering price increase of the cryptocurrency itself. Each Bitcoin transaction now costs around $7.30 to process, up from around 30 cents at the start of the year, according to trade website BitInfoCharts.
Bitcoin split into 2 earlier this year
11 / 11

Bitcoin split into 2 earlier this year

If you owned Bitcoin prior to August 1, 2017, you also own Bitcoin Cash - a clone of the original. That is because on that date Bitcoin underwent a so-called "fork", in which the underlying software code was split into two. One unit of Bitcoin Cash is now worth more than $1,300. That adds roughly another 135 percent to the returns from a Bitcoin investment at the start of the year.