10 Weird Facts about Bitcoin
Bitcoin is a decentralized, digital currency that was created in 2009. It has grown in popularity thanks to its confidentiality, cost-effectiveness, and ease of use. As of today, there are over 10 million Bitcoin users, making it one of the world’s most popular virtual currencies.
Because of its novelty, there are plenty of weird facts about Bitcoin. Below are the ten most interesting facts about the digital currency:
Fact 1 – Bitcoin isn’t printed like regular money. Instead, it is created online, in a process known as “mining.” Special computers solve complex mathematical equations to validate transactions on the Bitcoin network and add new blocks to the blockchain.
Fact 2 – While it isn’t printed like regular money, Bitcoin can be exchanged for physical goods. Most retailers that accept Bitcoins as payment use an app that converts the digital currency into traditional currency.
Fact 3 – No government or central bank controls Bitcoin. That’s why the currency is often referred to as “decentralized.” Instead, the digital currency is governed by a global network of computers that maintain its underlying infrastructure.
Fact 4 – Nobody really knows who created Bitcoin. The person (or people) responsible for creating the digital currency is known only as “Satoshi Nakamoto.” Although Satoshi has disappeared over the years, his legacy lives on as Bitcoin remains one of the world’s most popular digital currencies.
Fact 5 – You can earn Bitcoins from playing video games. In fact, some companies like Virtue Poker offer rewards in Bitcoin for playing their online video games.
Fact 6 – The FBI has a sizeable hoard of Bitcoins. In 2013, the agency seized 144,000 BTC from the Silk Road website, which was an online marketplace for illicit goods and services.
Fact 7 – Bitcoin is accepted in some countries as a form of payment for taxes and other government services. Estonia is one such nation that allows its citizens to pay taxes with Bitcoin.
Fact 8 – Some experts believe that Bitcoin is much more than a digital currency. In fact, they believe it’s a means of storing value in the digital world in much the same way that gold is stored in the physical world.
Fact 9 – Only 21 million Bitcoins can ever exist. That’s due to the fact that Bitcoin is programmed to be limited to 21 million coins. Once that number is reached, no more Bitcoins can be created.
Fact 10 – There are only four countries in the world that have officially recognized Bitcoin as legal tender: Argentina, Germany, Switzerland, and the United States.
Although the digital currency remains highly controversial, the reality is that Bitcoin is here to stay. Increasingly more people are embracing the currency and the unique technology behind it. Given its popularity, it’s no wonder that all sorts of weird facts, like those mentioned above
