In the past few years, the most trending topic is cryptocurrency. There are different cryptocurrencies, but bitcoin is the king of the cryptocurrency market for over more than ten years. Bitcoin is a decentralized cryptocurrency, but there are still several aspects of it that most people don’t know about. If you want to understand bitcoin in-depth and about bitcoin exchange and its usages, there are some unknown facts about it that you need to know about. Some of those facts are listed in the following paragraphs. To know more you can visit oil trading app
Bitcoin is undoubtedly the most popular cryptocurrency all over the world. But you will be shocked to learn that no one knows about the creator of bitcoin despite being used all across the globe. Satoshi Nakamoto is the name that is usually associated with bitcoin as it is believed that he is the founder of bitcoin. Nobody knows who he is or what his name is, and even he is alive or not. Few people had communicated with him, but it was only through forums and e-mails.
Satoshi Nakamoto is considered the founder of bitcoin, but his bitcoin wallet also holds the maximum number of bitcoins globally, which is 980000 bitcoins. So, according to his holdings, if he was alive, he would have been the richest person in the world.
Satoshi is the smallest unit of bitcoin
Bitcoin has a massive value in the market, and it is no possible for everyone to buy a bitcoin. But if you have a limited budget but want to own some bitcoins, you can buy Satoshi’s. Satoshi is the smallest unit of bitcoin, and its value is around 0.00005 USD. It is quite low and allows people with a low budget to invest in bitcoin. One hundred million Satoshi’s come together to form a bitcoin, which means if your buy a Satoshi, you own a share of a bitcoin. You need more than 15800 Satoshi’s to make a dollar, and this figure may change with fluctuations in bitcoin price.
Lost bitcoins cannot be recovered
There are several aspects of bitcoin that people don’t know about, and one of them is that bitcoins are unrecoverable, which means if you lose bitcoins, you won’t recover them. Bitcoins are accessed through the bitcoin address, also known as the private key. Every bitcoin wallet has a unique private key, and you need to store it carefully as without it as you won’t be able to access it. According to some reports, over 60% of the all-bitcoin addresses are lost, and their owners have lost access. So, you must create some backups to ensure that you don’t lose the private keys and access to your bitcoins as lost bitcoins cannot be recovered.
Some countries have banned it
Bitcoin is used all over the country, but every country has a different opinion about bitcoins. Some countries like America, Canada has accepted bitcoins and allows people to use bitcoins for making transaction. But at the same time, there are several such countries where bitcoin is banned. They have placed some restrictions on bitcoin use and have advised their citizens to be careful while using cryptocurrencies such as bitcoins. Most people don’t know about these restrictions, so you must check if bitcoin is allowed in your country before investing your hard-earned money in it.
If we talk about fiat currencies, their supply is unlimited as the government controls them, and it can issue more currency according to their needs and requirements, but bitcoin is different. Bitcoin is a decentralized currency, which means there is no control of any government or authority on it. Before using bitcoins, you must know that the supply of bitcoin is limited. Bitcoins are created by a particular process known as bitcoin mining. There are limited bitcoins that can be ever mined, and it is around 21 million.
More than 80% of 21 million bitcoins have already been mined, and it is expected that the rest of the bitcoins will be mined by the year 2140. Miner gets 12.5 bitcoins as rewards for solving a single block for the blockchain. The reward gets reduced after every four years, and it is called halving.