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10 Puzzling yet Unique facts about Bitcoin

Jun 22, 2017 Posted /  5619 Views

10 Puzzling yet Unique facts about Bitcoin

The world of finance is an unclear world filled with strange terms, uncommon varieties of currency, and endless Trading choices. Luckily with the new age internet a finance novice can quickly pick up scent and be on track with the ever evolving banking, payment and stock options. The newest form of currency which has been steadily growing over the past years is the cryptocurrency e.g. Bitcoin which is like real money that hold validity and has security features and also can be exchanged online for physical form of currency like USD, SGD.

To a layman a Bitcoin may sound strange but it is not truly so. 10 puzzling yet unique Bitcoin facts are:

1. No bank hold control over Bitcoin like we have with regular physical currency. Its value goes up and down based on the global market and is in the hands of the one using it. A simple software exists to validate the Bitcoins across the globe.

2. Like physical currency is infinitely readily available Bitcoins are restricted in number to 21,000,000 so as to keep their value intact and not render them worthless.

3. Each Bitcoin is valued at the amount of value that has been tagged or assigned to it. Unlike a 1$ bill which will always value 1$ no matter which country a transaction is carried out similarly a Bitcoin will carry the value that it has been given for use in trade/services.

4. The entire Bitcoin cycle can be viewed as a complete block chain of info which instills confidence and trust in the Bitcoin community.

5. Bitcoin mining has been a very popular computer program to solve mathematical problems to verify the different transactions around the world.

6. The logic behind a Bitcoin payment is simple: You can pay a company the transaction cost in Bitcoins and not be asked to pay extra in physical money nor can you revoke the transaction to get back the Bitcoins.

7. Transfer of money through Bitcoin form is cheaper and faster than regular money transfer. It involves no banking/transaction cost and is also available almost instantly.

8. Bitcoins like an online paytm or nets wallet are stored in a Bitcoin wallet and can be accessed from your own digital devices.

9. You may recover lost physical money but in case you lose your Bitcoin wallet that wallet is lost forever. This case owing to the Bitcoins having unique keys to them which essentially removes them from the circulation if and when you lose the wallet.

10. Several merchants across the globe accept Bitcoins as real currency and even though they may sound a bit farfetched the Bitcoin idea is as real as it gets.

The Bitcoin was discovered by Dave Carlson, a former Microsoft software engineer a year after the system was launched by creator Satoshi Nakamoto. Currently, Carlson is the CEO of Giga Watt, a block chain hosting and servicing center for mining hardware.

Applancer is an open platform for discussion on all things like Blockchain , Cryptocurrency and Ico news updates. As such, the opinions expressed in this article are the author's own and do not necessarily reflect the view of Applancer .

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Tags: bitcoin Ethereum Monaco bank card openanx Gigawatt

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