[et_pb_section bb_built=”1″ admin_label=”Page Header” fullwidth=”on” _builder_version=”3.0.106″ background_image=”https://coinsradar.io/wp-content/uploads/2018/03/bitcoind.jpg” parallax=”on” next_background_color=”#000000″][et_pb_fullwidth_header admin_label=”Hero Section” title=”9 Insane Facts About Bitcoin” background_layout=”dark” text_orientation=”center” header_fullscreen=”on” header_scroll_down=”on” scroll_down_icon=”%%0%%” scroll_down_icon_size=”48px” _builder_version=”3.0.106″ title_font=”Montserrat|on|||” title_font_size=”54px” title_line_height=”1.4em” content_font_size=”22px” content_line_height=”1.8em” subhead_font=”||||” use_background_color_gradient=”on” background_color_gradient_start=”rgba(0,41,60,0.86)” background_color_gradient_end=”rgba(30,101,109,0.72)” background_size=”initial” background_position=”top_left” background_repeat=”repeat” module_alignment=”left” custom_button_two=”on” button_two_text_size=”16px” button_two_border_color=”#ffffff” button_two_border_radius=”0″ button_two_letter_spacing=”2″ button_two_font=”Montserrat|||on|” button_two_use_icon=”off” button_two_text_color_hover=”#6eba01″ button_two_bg_color_hover=”#ffffff” button_two_border_color_hover=”#ffffff” button_two_border_radius_hover=”0″ button_two_letter_spacing_hover=”2″ custom_button_one=”on” button_one_text_size=”16px” button_one_bg_color=”#6eba01″ button_one_border_color=”#6eba01″ button_one_border_radius=”0″ button_one_letter_spacing=”2″ button_one_font=”Montserrat|||on|” button_one_use_icon=”off” button_one_text_color_hover=”#6eba01″ button_one_bg_color_hover=”#ffffff” button_one_border_color_hover=”#ffffff” button_one_border_radius_hover=”0″ button_one_letter_spacing_hover=”2″ animation_style=”fade”]

The most popular type of virtual currency is known as Bitcoin and has steadily begun to rise in popularity and strength over the years. At first glance, Bitcoin may sound confusing, however below are ten facts that will truly explain in layman’s terms what exactly bitcoin is and how it came to be.

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[/et_pb_divider][et_pb_cta admin_label=”Feature 01″ global_parent=”333″ title=”1. There’s a finite number of bitcoins” button_url=”#” use_background_color=”off” background_layout=”light” _builder_version=”3.0.106″ header_font=”Montserrat||||” header_font_size=”36″ header_text_color=”#00293c” header_line_height=”1.4em” body_font_size=”16″ body_line_height=”1.9em” text_orientation=”left” max_width=”450px” module_alignment=”left” custom_margin=”|||” custom_padding=”|||” custom_button=”on” button_text_size=”18″ button_text_color=”#ffffff” button_bg_color=”#00293c” button_border_color=”#00293c” button_border_radius=”0″ button_letter_spacing=”2″ button_font=”Montserrat|||on|” button_use_icon=”off” button_text_color_hover=”#f62a00″ button_bg_color_hover=”rgba(0,0,0,0)” button_border_color_hover=”#f62a00″ button_border_radius_hover=”0″ button_letter_spacing_hover=”2″ animation_style=”fold” animation_direction=”bottom” animation_intensity_fold=”15%” locked=”off”]

You would think that because there’s no need to physically print the bills or mint the coins that there could be an infinite number of bitcoins in existence; however that would devalue the currency and render it worthless. Instead, there are exactly 21,000,000 coins.

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[/et_pb_divider][et_pb_cta admin_label=”fact item” global_parent=”333″ title=”2. No one single entity controls this currency” button_url=”#” use_background_color=”off” background_layout=”light” _builder_version=”3.0.106″ header_font=”Montserrat||||” header_font_size=”36″ header_text_color=”#00293c” header_line_height=”1.4em” body_font_size=”16″ body_line_height=”1.9em” text_orientation=”left” max_width=”450px” module_alignment=”left” custom_margin=”|||” custom_padding=”|||” custom_button=”on” button_text_size=”18″ button_text_color=”#ffffff” button_bg_color=”#00293c” button_border_color=”#00293c” button_border_radius=”0″ button_letter_spacing=”2″ button_font=”Montserrat|||on|” button_use_icon=”off” button_text_color_hover=”#f62a00″ button_bg_color_hover=”rgba(0,0,0,0)” button_border_color_hover=”#f62a00″ button_border_radius_hover=”0″ button_letter_spacing_hover=”2″ animation_style=”fold” animation_direction=”bottom” animation_intensity_fold=”15%” locked=”off”]

Confusing? Yeah most people think too so at first. The general concept of currency and money is that a bank controls it, that there are rises and falls in its value based on the global market, and that you can physically hold it. Bitcoin defies all of these. It is, in fact, controlled by everyone who uses bitcoin as the software used for this currency logs and validates who log and validates activities of the bitcoins across the globe.

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[/et_pb_divider][et_pb_cta admin_label=”fact item” global_parent=”333″ title=”3. The first Bitcoin purchase was for pizza” button_url=”#” use_background_color=”off” background_layout=”light” _builder_version=”3.0.106″ header_font=”Montserrat||||” header_font_size=”36″ header_text_color=”#00293c” header_line_height=”1.4em” body_font_size=”16″ body_line_height=”1.9em” text_orientation=”left” max_width=”450px” module_alignment=”left” custom_margin=”|||” custom_padding=”|||” custom_button=”on” button_text_size=”18″ button_text_color=”#ffffff” button_bg_color=”#00293c” button_border_color=”#00293c” button_border_radius=”0″ button_letter_spacing=”2″ button_font=”Montserrat|||on|” button_use_icon=”off” button_text_color_hover=”#f62a00″ button_bg_color_hover=”rgba(0,0,0,0)” button_border_color_hover=”#f62a00″ button_border_radius_hover=”0″ button_letter_spacing_hover=”2″ animation_style=”fold” animation_direction=”bottom” animation_intensity_fold=”15%” locked=”off”]

Did you know why May 22 is celebrated as Bitcoin Pizza Day?

Initially, when bitcoins were mined they were virtually worthless as it cost literally cents to buy a BTC.

But it was until 22 May 2010, when someone purchased something with bitcoins.

Eight years ago on this day, someone bought Piazzas with bitcoins and this purchase was a big deal because no retailer was accepting bitcoins at that time for goods and services.

On 22 May 2010, two Papa John’s Pizzas were exchanged by Laszlo Hanyecz for 10,000 BTC. This was the first official documented purchase of goods using bitcoins.

At that time, the worth of 10,000 BTC was $41.

At the time of writing this article, the worth of 10,000 BTC is around $25.8 million.

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[/et_pb_divider][et_pb_cta admin_label=”fact item” global_parent=”333″ title=”4. Bitcoin is untraceable & Bitcoin is NOT untraceable.” button_url=”#” use_background_color=”off” background_layout=”light” _builder_version=”3.0.106″ header_font=”Montserrat||||” header_font_size=”36″ header_text_color=”#00293c” header_line_height=”1.4em” body_font_size=”16″ body_line_height=”1.9em” text_orientation=”left” max_width=”450px” module_alignment=”left” custom_margin=”|||” custom_padding=”|||” custom_button=”on” button_text_size=”18″ button_text_color=”#ffffff” button_bg_color=”#00293c” button_border_color=”#00293c” button_border_radius=”0″ button_letter_spacing=”2″ button_font=”Montserrat|||on|” button_use_icon=”off” button_text_color_hover=”#f62a00″ button_bg_color_hover=”rgba(0,0,0,0)” button_border_color_hover=”#f62a00″ button_border_radius_hover=”0″ button_letter_spacing_hover=”2″ animation_style=”fold” animation_direction=”bottom” animation_intensity_fold=”15%” locked=”off”]

When making Bitcoin transactions, your name/identity is not used in any form. Only your public address is available.

But…

The Bitcoin blockchain is a permanent ledger which is transparent. If anyone knows your Bitcoin public address, they can see how many bitcoins you hold and what transactions you have made.

It’s how the FBI was able to bust the owner of Silk Road.

If users of Bitcoin want to hide their public address or IP, it can be done by using services like Bitmixer.io or a VPN.

That said, this just makes it difficult to trace; difficult, but not impossible.

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[/et_pb_divider][et_pb_cta admin_label=”fact item” global_parent=”333″ title=”5. Bitcoins are held in digital wallets” button_url=”#” use_background_color=”off” background_layout=”light” _builder_version=”3.0.106″ header_font=”Montserrat||||” header_font_size=”36″ header_text_color=”#00293c” header_line_height=”1.4em” body_font_size=”16″ body_line_height=”1.9em” text_orientation=”left” max_width=”450px” module_alignment=”left” custom_margin=”|||” custom_padding=”|||” custom_button=”on” button_text_size=”18″ button_text_color=”#ffffff” button_bg_color=”#00293c” button_border_color=”#00293c” button_border_radius=”0″ button_letter_spacing=”2″ button_font=”Montserrat|||on|” button_use_icon=”off” button_text_color_hover=”#f62a00″ button_bg_color_hover=”rgba(0,0,0,0)” button_border_color_hover=”#f62a00″ button_border_radius_hover=”0″ button_letter_spacing_hover=”2″ animation_style=”fold” animation_direction=”bottom” animation_intensity_fold=”15%” locked=”off”]

Much like when you log into your online bank account and see your balance, you also have a bitcoin wallet that is established when you sign up. This wallet is like a physical wallet, but much more secure. If you lose it, it’s lost forever; however it’s impossible for people to take money from your wallet without you giving it to them. Additionally, if you know a bitcoin address you can see how many bitcoins they have.

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[/et_pb_divider][et_pb_cta admin_label=”fact item” global_parent=”333″ title=”6. Bitcoin network is much powerful than supercomputers” button_url=”#” use_background_color=”off” background_layout=”light” _builder_version=”3.0.106″ header_font=”Montserrat||||” header_font_size=”36″ header_text_color=”#00293c” header_line_height=”1.4em” body_font_size=”16″ body_line_height=”1.9em” text_orientation=”left” max_width=”450px” module_alignment=”left” custom_margin=”|||” custom_padding=”|||” custom_button=”on” button_text_size=”18″ button_text_color=”#ffffff” button_bg_color=”#00293c” button_border_color=”#00293c” button_border_radius=”0″ button_letter_spacing=”2″ button_font=”Montserrat|||on|” button_use_icon=”off” button_text_color_hover=”#f62a00″ button_bg_color_hover=”rgba(0,0,0,0)” button_border_color_hover=”#f62a00″ button_border_radius_hover=”0″ button_letter_spacing_hover=”2″ animation_style=”fold” animation_direction=”bottom” animation_intensity_fold=”15%” locked=”off”]

According to the experts, Bitcoin networks has a computing power of 2,046,364 Pflop/s. This is my personal favorite fact about bitcoin. If you go ahead and combine the computing power of the 500 most powerful supercomputers, you’ll get a combined fever of 274 Pflop/s.

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[/et_pb_divider][et_pb_cta admin_label=”fact item” global_parent=”333″ title=”7. Bitcoin has been sent into outer space” button_url=”#” use_background_color=”off” background_layout=”light” _builder_version=”3.0.106″ header_font=”Montserrat||||” header_font_size=”36″ header_text_color=”#00293c” header_line_height=”1.4em” body_font_size=”16″ body_line_height=”1.9em” text_orientation=”left” max_width=”450px” module_alignment=”left” custom_margin=”|||” custom_padding=”|||” custom_button=”on” button_text_size=”18″ button_text_color=”#ffffff” button_bg_color=”#00293c” button_border_color=”#00293c” button_border_radius=”0″ button_letter_spacing=”2″ button_font=”Montserrat|||on|” button_use_icon=”off” button_text_color_hover=”#f62a00″ button_bg_color_hover=”rgba(0,0,0,0)” button_border_color_hover=”#f62a00″ button_border_radius_hover=”0″ button_letter_spacing_hover=”2″ animation_style=”fold” animation_direction=”bottom” animation_intensity_fold=”15%” locked=”off”]

In 2016, Genesis Mining, a bitcoin cloud mining provider, set bitcoin to space. This was done using a 3D bitcoin model and a bitcoin paper wallet, which were tied to a weather balloon. The whole journey was recorded using a GoPro focused on the model and wallet. Once the weather balloon reached a height of 20 kilometers, the ground team made the transaction to paper wallet. Another transfer was made to the wallet once it achieved the maximum possible altitude of 34 kms.

[/et_pb_cta][/et_pb_column][/et_pb_row][et_pb_row global_parent=”333″ make_fullwidth=”on” use_custom_gutter=”on” gutter_width=”1″ custom_padding=”0px||0px|” custom_margin=”0px||0px|” make_equal=”on” background_color_1=”#f4f4f4″ background_color_2=”#f4f4f4″ bg_img_2=”https://coinsradar.io/wp-content/uploads/2018/03/fbi.jpg” padding_top_1=”8%” padding_right_1=”6%” padding_bottom_1=”8%” padding_left_1=”6%” background_position_1=”top_left” background_position_2=”top_right” background_repeat_1=”no-repeat” background_repeat_2=”no-repeat” use_background_color_gradient_1=”off” background_color_gradient_start_1=”#2b87da” background_color_gradient_end_1=”#29c4a9″ _builder_version=”3.0.106″ background_size=”initial” background_position=”top_left” background_repeat=”repeat”][et_pb_column type=”1_2″][et_pb_divider global_parent=”333″ color=”#f62a00″ show_divider=”on” divider_weight=”3px” height=”5px” disabled_on=”off|off|off” _builder_version=”3.0.106″ background_color_gradient_direction=”90deg” max_width=”100px” module_alignment=”left” custom_margin=”||20px|” custom_padding=”||20px|” animation_style=”slide” animation_direction=”bottom” locked=”off”]

 

[/et_pb_divider][et_pb_cta admin_label=”fact item” global_parent=”333″ title=”8. The FBI has one of the world’s largest bitcoin wallets” button_url=”#” use_background_color=”off” background_layout=”light” _builder_version=”3.0.106″ header_font=”Montserrat||||” header_font_size=”36″ header_text_color=”#00293c” header_line_height=”1.4em” body_font_size=”16″ body_line_height=”1.9em” text_orientation=”left” max_width=”450px” module_alignment=”left” custom_margin=”|||” custom_padding=”|||” custom_button=”on” button_text_size=”18″ button_text_color=”#ffffff” button_bg_color=”#00293c” button_border_color=”#00293c” button_border_radius=”0″ button_letter_spacing=”2″ button_font=”Montserrat|||on|” button_use_icon=”off” button_text_color_hover=”#f62a00″ button_bg_color_hover=”rgba(0,0,0,0)” button_border_color_hover=”#f62a00″ button_border_radius_hover=”0″ button_letter_spacing_hover=”2″ animation_style=”fold” animation_direction=”bottom” animation_intensity_fold=”15%” locked=”off”]

When the FBI shut down the operations of the Silk Road,  it also seized the owner’s assets. In that process, the FBI also became one of the world’s wealthiest bitcoin owners, A report from the Wired magazine claims that the FBI controls as much as $120 million.

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Since its launch, in past one decade bitcoin has become one of the most important phenomenon in the digital world. Its price has touched thousands of dollars. However, the price keeps fluctuating and it remains volatile. Predictions have also been made that bitcoin might fall in the future if it follows the current path. This is because a small number of people, about 10, control the majority of bitcoin. This defeats the entire decentralized nature of currency.

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