It has taken less than a decade for Bitcoin to gain popularity around the world. This mysterious money on the internet has changed the lives of both customers and business owners. Some people have been using Bitcoin to conduct daily transactions and fulfill their investment goals. There is, however, a big percentage of people who have not yet acquired the digital currency. Learning interesting facts about Bitcoin can help you understand its power. Check out some of the facts you need to know about this currency.
The first purchase using Bitcoin was for pizza
Before 2010, the bitcoins that were mined were not considered valuable since they cost cents. This changed in May 2010 when a customer purchased pizza with bitcoins. Two large pizzas were exchanged for about 10,000 BTC. This changed people’s perspective of Bitcoin. Since then, so many restaurant and shops started accepting the use of Bitcoin.
Bitcoin is untraceable
As you make Bitcoin transactions, you don’t have to share your identity at all. The only available thing is your public address. Though you don’t submit any personal detail when conducting transactions, your public address ma not give you complete anonymity. Since the Bitcoin ledger is transparent, a person who is familiar with your public address can see the number of bitcoins you hold and how you transact. This means that you should take extra measures to hind your IP by using VPN services.
You cannot use your bitcoins without your private key
Bitcoins private keys are crucial since you cannot do without them. The loss of the private key can make you lose your funds for good. Statics reveal that about 25% of bitcoin private keys get lost for good. James Howells, a famous IT guy, lost around 7,500 bitcoins by throwing away the hard disk that contained Bitcoins private keys.
Bitcoins are mined
Like money, this cryptocurrency does not grow on trees. It is different from traditional paper since you cannot touch or print it out. The digital currency is mined on a blockchain network.
You can buy almost anything with Bitcoin
A lot of people wonder what they can get using bitcoin. Apart from getting products, it is possible also to purchase services using this digital currency. For instance, you can book a flight online using Bitcoin or purchase funeral items from any part of the world. Since everything is done online, it has simplified how people conduct transactions.
The digital currency cannot be banned
Though some countries like Thailand have tried to ban the use of this cryptocurrency, they have failed. As long as people have a Bitcoin wallet and internet connection, they will continue using Bitcoin. The people who have tried to ban it argue that its volatility makes some business people lose a lot of funds. Though this happens, business owners are advised to use Bitcoin accounting software to monitor their transactions so that they can avoid such cases. Instead of banning its use, countries should focus on regulating it. Just because the cryptocurrency has some flaws, we cannot overlook its real beauty.