Bitcoin is a crypto currency which can be exchanged like other currencies. The main goal of this technology is the electronic cash system which is fully decentralized with no central authority.
Here are some facts that every bitcoin owner should know:
- The first bitcoin purchase was for pizza. Someone decided to purchase a pizza in 2010 with 10,000 bitcoins whose value was $41 at that time.
- The inventor of bitcoin is unknown. Anonymous Satoshi Nakamoto perhaps an individual or a group whose real identity still unknown is behind the development of bitcoin.
- Bitcoin transactions are untraceable. The identity of sender and receiver will not be revealed but only their public address is available.
- Bitcoins without private keys are lost forever and no one can use them. In case one lost their private keys, their electronic money cannot be accessed by them anymore.
- Bitcoins are unique from traditional paper money and cannot be touched or printed. Instead, they are mined and come into existence whey they are mined by miners.
- There are only finite bitcoins and one will mine the last one in 2140 and after that, there will be no bitcoins.
- Despite bitcoin exchange is fluctuating, this crypto currency has been making profit constantly. Except for a year, its price is increasing gradually.
In addition to mining, there are some other ways to earn bitcoins. You can accept them as an exchange for your goods and services and it can be earned through trading.