The Path To Finding Better Funds

Strange Facts you need to Know About Blockchain Technology

You will learn that you are not the only one who has been confused by the bitcoin cryptocurrency. The popularity of cryptocurrency has actually increased in the past few years. It is however quite hard to keep up with the ever changing technology. This is especially if you are not very knowledgeable on technology. As you choose to read on, you will learn a good number of facts that revolve around both bitcoin and blockchain technology.

It is necessary to indicate that the very first bitcoin was meant for pizza. This initial transaction aimed at purchasing two pizzas. This was carried out in the year 2010. These pizzas were actually bought on the 22nd of May. This day is actually commemorated as the Bitcoin Pizza day. It is necessary to indicate that these pizzas cost about 10000 bitcoins right then. This was translated to about 40 dollars. You will however learn that after a period of about 8 years, the value of these bitcoins has escalated to over 150.7 million dollars. You will learn that there is no solid information that illustrates who is behind or rather in charge of bitcoin. There is no particular entity that is in charge of this currency. Regulations will actually differ from a given country to another.

You will also learn that there was a man that suffered a loss of 67000 dollars. This took pace as he tried to upgrade his computer. It was noted that he accidentally threw away a hard drive on which he had earlier installed his bitcoin wallet. However, upon realizing his mistake, he chose to pursue its retrieval. You will realize that there is no cryptocurrency that is more transparent than bitcoin. There is often no encryption on this data. You will realize that bitcoin is usually equated to stock. This goes ahead to show that the changes will often be sudden as well as arbitrary. You will therefore have to keep checking the price changes. It is through the process of mining that it will be possible for you to come up with this bitcoin. This process will often be pillared on the verification of transaction before they can be included in the blockchain. There will then be the creation of a mathematical puzzle. It is only after this has been solved by a computer that bitcoins will be given.

The network behind this bitcoin mining process is very powerful. Such power will often be likened to that of a combined power from five hundred supercomputers. You will however note that there are no refunds. You will therefore need to be quite careful. It is necessary to indicate that Thailand banned the use of bitcoin as well as other cryptocurrencies in 2013. This ban was however lifted in 2018.

You may also like...