How Cryptocurrency Works? -15 Interesting Facts That You Should Know!
We live in the modern world where technology takes over everything and scientific advancements have become more of a universal phenomenon. We come across hundreds of such scientific upheaval every day, but only a very few makeovers the turmoil to be the milestones. Cryptocurrency is one among them and many consider it as new to the modern digital era. Well, it is not true; it has been around for a decade now! Yes, you heard me right! There are numerous queries about the origin and discovery of the cryptocurrency and How Cryptocurrency Works? such questions often end with the name of Satoshi Nakamoto.
You might have come across the name already; this article will provide you with various exciting facts on how cryptocurrency works and its role in the digital world.
Let us make it simple!
What is Cryptocurrency all about?
As the name indicates, it is similar to that of currencies that are used in the modern business market, but with no physical form. Cryptocurrency is more of a digital one that makes it easy to carry around. It requires a more significant deal of hardware and software tools to create them, and this process is commonly referred to as Mining.
Today there are wide ranges of cryptocurrencies available in the business sphere, but some has taken a higher toll among people. Bitcoin (BTC) is the most common one.
One of the most intriguing factors is that it provides secured transactions making it the first choice among business people. Even the global financial market fluctuation does not affect cryptocurrency as it is Decentralized money which makes it the best for international payments.
Even though it has been around for ten years, Cryptocurrency is earning its importance only in the most recent years. After all, it requires more significant efforts to anchor its reliability as the most valuable modern currency.
Today Cryptocurrency is one of the trending topics on the internet, and many experts and professional bloggers have started digging out real facts about it. And as expected the results are also quite impressive!
Bitcoin – The Live Wire
The following are some of the most interesting data on cryptocurrencies (bitcoin) that anyone would love to know.
- The father of Cryptocurrency Satoshi Nakamoto owns $16.5 Billion in Bitcoins
- There are about 16.7 Million BTC in circulation
- The total number of bitcoins rewarded for mining halves every four years would reach a maximum of 21 Million after 64 halvings (estimated at the year of 2140).
- Around 1000 people across the globe own 40% of the BTC in circulation
- About 64% of the created bitcoins haven’t been used it!
- 69% of banks that participated in the Infosys Survey are already experimenting with the permitted blockchains.
It denotes growing people’s love towards them. However, these digital currencies hold greater tricks under their sleeves at all times.
This makes them much more irresistible to the modern digital generation of business people.
Digital Monster’s Legal Face
- The Bitcoin network is more powerful than 500 supercomputers put together!
- One bitcoin transaction consumes 3,994 times more energy than a standard credit card transaction
- Bitcoin transactions are non-retrievable in which a deal of $137,000 is made instead of $5!
- An investment of $100 on bitcoin on July 10, 2010, is now worth $18.8M
- Dell, Microsoft, Dish Network, Overstock, Expedia are the top companies that accept bitcoin as a mode of payment.
- Since April 1st, 2017 Bitcoin is a legal payment method in Japan.
- The BTCs are illegal for use in some countries like Morocco, Saudi Arabia, Algeria, Bolivia, Ecuador, Kyrgyzstan, Nepal, and Bangladesh.
- Switzerland has made Bitcoins VAT free
- As of January 2018, there are about 2015 ATMs that serve bitcoins across 61 countries.
I hope, all the facts mentioned above help you to understand how cryptocurrency works, bitcoins to be more precise. So this new digital monster is yet to do wonders in the upcoming days. In any case, let us hope that it is all for the greater good.
Vivek is an Outreach specialist for Blogs. He is also a writing enthusiast fond of healthy and happy living. He believes Knowledge gets better when shared. So he founded The Mindful Bytes as a platform for people who love to read and write anything that has to do with Health, Tech, Business, Finance, and Lifestyle.