Amongst the different cryptocurrencies circulating in the market, Bitcoin enjoys a prime position. Though Bitcoin is used widely and loved by many people, there are several important facts you may not know. So, if you are interested in cryptocurrencies and wish to test your luck, you should know about the important yet unknown facts regarding cryptocurrencies and Bitcoins.
Here are some interesting facts about Bitcoins and cryptocurrencies to help you out.
- The creator of Bitcoins is unknown
Before investing in Bitcoins, you may wonder who is the inventor of this unique currency, but who is the person no one knows. Although Satoshi Nakamoto is credited for Bitcoin, there is still a mystery behind the name. There is a popular notion that Satoshi Nakamoto is the acronym for the famous tech companies Samsung, Toshiba, Nakamichi, and Motorola.
- Remember that you should not lose the wallet
While dealing with Bitcoins or cryptocurrencies, you have to hold a special wallet known as a digital wallet or crypto wallet. This wallet has private and public keys. You will be given a private key to use the wallet for your transaction. So, if you lose your private key, having it back again is close to nil.
The digital funds will just disappear into a crypto-void that is huge. There is very little scope for hacking, and the main reason is the technology known as blockchain technology. So, only you will be responsible if you lose your money.
If you lose your credit card or debit card, that can be created again or traced back by providing your proof of identity. However, in the case of cryptocurrencies, you should have to be very careful while dealing.
- The value of bitcoins and cryptocurrencies are very volatile
Similar to a common stock market, several external factors can directly affect the actual value of your Bitcoins or other cryptocurrencies. Their value is super volatile and mainly depends on the actual idea of trading of the trader. The value of crypto money can change dramatically, which can sometimes be in your favor and sometimes against you completely. It has only a digital presence, which is why many people are afraid to use this as their source of income.
- Remember to protect yourself from Cryptojacking
Cryptocurrency is no doubt a safe option for the safety of your wallet, but there is still the threat of being exposed to scammers who will use your phone or computer for mining your cryptomoney.
They do this without your consent and obviously for their benefit. This problem is known as Cryptojacking, where the dishonest jammers put some malicious codes in the device for their benefit.
As a gesture of respect to the mysterious inventor of Bitcoin, the smallest unit of this currency is named Satoshi. One satoshi has a value of around 0.00005 U.S. dollars (on 11th April 2019). This is very low value because to create one Bitcoin, and you will need nearly one hundred million satoshis. As per the current value of Bitcoins, though this usually fluctuates a lot, to create a dollar, you will have to get 15,800 satoshis.
- About the processing power
The entire process of mining Bitcoins is very costly because you have to pay a good amount of money, electricity, and also time. The process of mining Bitcoins needs servers that can be used for a certain purpose. The faster you will be able to process the data, the faster the block will be added to the main blockchain. Thus, the faster you will get your rewards with Bitcoins.
- The change in B
The term Bitcoin with a B that is uppercase refers to the ledger that actually stores the important information about the transactions. On the other hand, the term bitcoin with a lowercase b refers to the actual crypto money that is used for the transaction processes.
So, hopefully, all these important facts and figures about Bitcoin are able to amaze you a lot. Investing in Bitcoin can give you several benefits, using an exchange platform like blockchain in the gaming can help you safely invest in Bitcoin and also earn great profits.