From streamlining international transactions to fuelling the advent of decentralized finance, Bitcoin, alongside other cryptocurrencies, is transforming the global economy.
But, while “Bitcoin” seems to be a buzzword on the tip of every tongue and crypto transactions are now commonplace, a lot is still unknown about the history and future potential of this revolutionary cryptocurrency.
In the article below, you’ll find a few must-know facts that will give you an entirely new perspective on Bitcoin.
There Can Only Be 21 Million Bitcoin – But 3.7 Million of These Have Been Lost
Bitcoins come into existence when coins are mined using supercomputers to solve complex mathematical problems. When a problem is resolved, the user is rewarded with a “block” of coins, which currently holds 6.25 bitcoins.
The number of bitcoins in each block is halved every four years, and the supply is set to end in 2140 after all of the 21 million bitcoins ever created are mined. However, so far, over 3.7 million bitcoins have been lost forever, leaving a total availability of just over 17.3 million Bitcoins.
Nobody Knows Who Created Bitcoin
Designed to be a peer-to-peer cash system, Bitcoin was created in 2009 and attracted a high number of investors looking to regain stability and store value after the 2008 financial crisis.
But while the impact that bitcoin has had over the past years is well-known, the identity of Satoshi Nakamoto (the person or group of people who created Bitcoin) is yet to be unveiled.
Today, it is presumed that at least the NSA and the IRS know the entity behind Satoshi Nakamoto. Some also theorize that the name is nothing more than an acronym for Samsung-Toshiba-Nakamichi-Motorola, or the leading tech companies supposedly behind the creation of Bitcoin.
While the identity of Satoshi Nakamoto may never be made public, something is for sure: the creator of Bitcoin owes more bitcoins than anybody else – at least 980,000!
Bitcoin Mining Takes a Lot of Energy
Bitcoin has played a vital role in boosting the speed, efficiency, and accessibility of international transactions. However, every transaction made with bitcoin uses an estimated 707 kilowatt-hours (kWh) of electricity.
What’s more, Bitcoin is estimated to consume a whopping 110 terawatt-hours per year, which accounts for 0.55% of the global consumption of electricity and is equal to the energy used in small countries like Sweden.
There Are Online Casinos That Are Designed for Bitcoin
As bitcoin becomes more accessible and easily tradable, more use cases are found every day. From being able to withdraw bitcoin from participating ATMs to earning credit card rewards in the form of cryptocurrency, there is a lot that can be done by using your crypto wallet.
And, the online gambling industry isn’t left behind! Thanks to trustworthy gambling and betting spaces such as the Bitstarz online casino, you can now use your Bitcoins to deposit and withdraw funds, thus protecting your privacy and savings account.
Countries Are Likely To Regulate the Use of Crypto, but They Can’t Entirely Ban Bitcoin
With cryptocurrencies finding new uses and users each day, it is only expected for countries and institutions to introduce regulatory measures to protect consumers.
On the other hand, some countries, including Algeria, Cambodia, Bolivia, and Nepal, have attempted to ban cryptocurrencies by revoking consumer rights when crypto is involved. But these efforts have not been entirely successful, especially as anyone can open a crypto wallet – and people continue to do so!
Bitcoin Mining Requires Special Equipment
If you have heard stories of someone mining their own cryptocurrency using a standard home computer in the early 2010s, they are probably truthful. However, since then, a lot has changed.
Because of the increased number of people mining Bitcoin, it has become harder for individual miners to find new blocks and make this activity profitable. What’s more, the mining process requires an exorbitant amount of energy (1,449-kilowatt hours) and specialized hardware such as application-specific integrated circuits (ASICs).
So, if you have just entered the universe of cryptocurrencies, you should consider either buying bitcoin or mining other, smaller cryptocurrencies.
New Use Cases for Bitcoin Are Found Every Day
While bitcoins have been around for around 13 years, this technology is still in its infancy. However, it has become clear that cryptocurrencies like Bitcoin have the power to stabilize entire economies, fight inflation, store value, and even support the development of emerging technologies such as NFTs and the Metaverse.
So, while bitcoins are more accessible than ever, don’t forget that a lot is yet to be understood about their past and future.
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