Bitcoin has become a buzz word around the digital space. What is generally known is that Bitcoin is a cryptocurrency and worldwide payment system. It is the world’s first digital currency and the network works on a peer to peer basis as transactions take place between users directly, without an intermediary. Below are some really interesting facts about Bitcoins.

Inventor

Since the inception of Bitcoin in 2009, there have been several speculations about who the the inventor is. The Bitcoin whitepaper was made open to the public under the pseudonym of Satoshi Nakamoto. The identity of “Satoshi” is still a mystery yet to be solved.

Transactions

Transactions done with Bitcoins cannot be reversed. Unlike popular platforms like PayPal, you don’t get second chances while making a transaction.

Volatility

Bitcoin has continued to be popular in the digital world but its price keeps fluctuating and it remains volatile. Market predictions show that the value of Bitcoin might fall in the future if it follows its current path. It’s volatility is also attributed to the fact that a small number of people,which is about ten control the majority of Bitcoins. This defeats the entire decentralised nature of the currency.

First product purchased with Bitcoin

After the first Bitcoin transaction took place between Satoshi and Hal Finney in 2009, the first recorded purchase was made for buying pizza worth $25. To do so, 10,000 Bitcoins were spent.

Losing Bitcoin

Just like you save your money in your online bank accounts, your Bitcoins are saved in Bitcoin wallet. But, if you lose it, your Bitcoins are lost forever. It’s also impossible for any person to use your Bitcoins from your wallet until you give it to them. Also, if you have a Bitcoin address, you can see the number of Bitcoins the owner has.

FBI ownership

FBI controls as much as $120 million coins, making it one of the world’s wealthiest Bitcoin owners.

Sending and fees

For you to send money to someone especially to a different country, you’d likely have to pay bank transfer fees, currency conversion fees and more. With Bitcoins, there are little to no transaction fees and the money is available almost instantly.

Buying

You can purchase anything as long as the provider of those goods accepts the payment in Bitcoins. This is becoming more and more popular and you will find more things at your disposal which you can pay for with Bitcoin.

The Bitcoin world is truly interesting.