Important Bitcoin Facts and Secrets That Do Not Know
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12 Facts and Secrets About Bitcoin
- Category :Cryptocurrency
Here we are presenting you interesting facts and secrets about bitcoin as it has become very hot topic these days. Almost every person now knows about it and wanted to invest either. So let us look at bitcoin facts and secrets it posses.
Bitcoin is a common term in use today by most of us but only few of us understand the actual concept behind Bitcoins. All of us have an internal desire to generate much more income after a fixed tenure with a very little investment. Following the same, we are always in search of genuine investment opportunities with guaranteed return. Most of us use to invest in insurance sectors having risk cover facilities and much more return in comparison to our investments after a fixed period of time. Investments in gold as well fixed deposits in banks can also be considered another investment option to make our money multiplied after a mentioned time period. But, it is also to be understood that as the time passes away, the value of money in comparison to today continuously depreciates and if we invest in some insurance agencies or other concerned sectors thinking that our deposited money will be will be increased a few percent, then it is also required to be thought that what will be the value of our matured sum of money in comparison to invested money in current date? Of course, we will get disappointed but we will be bound to invest as no other options exist.
That’s why, it becomes extremely essential for us to understand the concept of newly known term ‘Bitcoin’. The term newly known is used here because it will be wrong to say that it is newly introduced as it has already been introduced in 2009 by its inventor popularly known by the name ‘Satoshi Nakamoto’.
To understand the actual concept behind the Bitcoin, let us discuss most of the important facts and secrets about it by means of the following points:-
Bitcoin Facts and Secrets Explained
1. Bitcoin is a decentralized digital form of currency which does not have any physical existence as that of the currency notes in our wallet.
2. Bitcoin is not under the control of any government or financial institutions in any of the country meaning thereby, it’s production and use by the people all over the world is not at all dependent upon any of the financial factors involved for the countries.
3. The physical currency notes such as rupees, dollars, euros etc depends upon several factors and financial regulatory bodies to print them as per the rules but this is not the case with Bitcoins as its existence is not at all physical.
4. The process of Bitcoin generation is called Bitcoin Mining and it is done by the the expert Bitcoin Miners with a very strong and high end machinery and GPUs (collection of several powerful CPUs) setup. The network of Bitcoin mining computers is 250 times more powerful than the world’s top 500 supercomputers combined together.
5. Bitcoin are pre decided to be generated only up to a fixed number i.e. a total of 21 million Bitcoins will only be generated and the production will end after a fixed period probably in the year 2140 as per the evidences.
6. The Bitcoin generation technique works on Peer-to-Peer networking concept where there does not exist any server kind of monitoring device to monitor the activities, instead the Bitcoins are directly transferred from one person to another in the digital wallet.
7. Whenever a request to generate Bitcoin is made, very hard and complex mathematical algorithm is solved by the miners located at several places all over the world. However, there exists one and only one Bitcoin miner who wins the competition to solve the algorithm. As soon as the extremely complex algorithm is solved, the Bitcoin is immediately transferred with an added digital signature.
8. The added digital signatures are actually the Bitcoin value which is stored in the digital wallet of the receiving person. This digital signature actually displays the actual Bitcoin value in the wallet which can be seen up to eight digits after the decimal. This means that if a person wants to transfer or purchase the things using his Bitcoin, he can even spend 0.00000001 amount of his total Bitcoin value.
9. The Bitcoin mining can be done by any of the experts all over the world but due to its very much highly expensive setup, it is useless to afford doing the entire procedures.
10. Cloud Mining is one of the affordable services offered to be used by the experts for Bitcoin mining processes. Most of the companies including Genesis etc offers such services.
11. In order to purchase, sell and use the Bitcoins in India, there comes some apps that needs to be installed in our smartphone to access the related services. ZebPay is the most common and popularly used apps for Bitcoin trading etc. Using this app, we can effectively purchase and sell the Bitcoins as per our requirements.
12. The current value of Bitcoin in Indian currency is 1251020.11 INR i.e. 19515.91 US Dollar. However, when it was launched approximately 7 years ago, its value was only 0.08 US dollar. This amazing rate of increase in the value of Bitcoin is attracting the investors all over the world to get rich very soon and live a life full of enjoyment.
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