There are several modern technologies trending all over the world, and one of them is cryptocurrency. Cryptocurrency refers to digital currency, and it has completely changed the way we made transactions and payments. Now there are numerous digital currencies in the market, but the first cryptocurrency ever introduced was bitcoin. Bitcoin is still the most valuable and popular digital currency. It offers several incredible features, and its excellent market value makes it an excellent investment too. If you are planning to use bitcoins, there are few facts mentioned below that you need to know beforehand.
Bitcoin is the most popular cryptocurrency, and its popularity is increasing at a rapid pace with each passing day. Despite its massive popularity, it is quite surprising that no one knows about the creator of bitcoin. It is believed that bitcoin was created in the year 2009 by a person named; Satoshi Nakamoto, but there is no evidence to back it up. No one has seen or met Satoshi Nakamoto after 2010, and the question that if he is alive or not is also a mystery. Satoshi Nakamoto holds maximum bitcoins in his wallet, amounting to 980000.
If we would claim it, he may become the richest person on the planet. Several people, companies, and organizations have claimed to be the founder of bitcoin, but no one among them has been successful in proving it. So, the creator of the world’s most valuable cryptocurrency is still a mystery.
The smallest unit of bitcoin
Bitcoin holds a massive value in the market, which is why it is impossible for everyone to buy a bitcoin. It is a huge investment, and there are few people who can afford to spend such a huge amount of money. Most bitcoin users don’t know that bitcoin has a smaller unit known as Satoshi. A single bitcoin is made up of 100 million Satoshis, and according to the present value of bitcoin, 1 dollar is equal to 15800 Satoshis. Most people are unaware of this smallest unit of bitcoin, which makes them miss a great opportunity to invest in bitcoins.
If you have a limited budget but want to make a bitcoin investment, you can visit Bitcoin Champion and buy Satoshis. Investing in Satoshis refers to buying a share of bitcoin. It is a great way to make a profitable investment without putting any extra load on your pocket. You can follow your budget and buy Satoshis accordingly.
If you have used bitcoins, you must know that bitcoin is stored in digital lockers known as bitcoin wallets. Bitcoin wallets can only be accessed by using a private key as each wallet has a different private key. While using a bitcoin wallet, you must store the private key safely as if you lose it or it gets stolen; you will lose your bitcoins too. The private key is the only way through which you can gain access to your wallet, and once it is lost, you will lose access to it forever.
You will be shocked to know that more than 60% of bitcoin wallets as ghosts, which means their private keys have been lost, and now they are of no use. So, you must store the private keys safely and create few backups for extra protection. Bitcoins are a decentralized currency, so if you lose them once, you won’t be able to recover them ever.
As you know, bitcoin is a decentralized currency, so there is no government authority that issues bitcoin in the market. Bitcoins are created using supercomputers and solving complex mathematical problems. The process of bitcoin creation is known as bitcoin mining. Only 21 million bitcoins can ever be mined, and out of it, 17 million have been already mined. So, the supply of bitcoin is limited, but its demand is increasing rapidly. But there is enough time for you as the remaining bitcoins wone be mined until 2140.
Bitcoin miners get rewards for mining bitcoins as they receive 12.5 bitcoin for each block they solve. The reward amount gets reduced every four years, and it is known as halving. The last halving occurred in the year 2020, and the next is supposed to occur four years later.