What You Didn’t Know About Bitcoin

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Most people have heard about Bitcoin in the past, but they don’t have any idea what it is or how it works. With that in mind, we wanted to present some facts about the currency that you should find interesting. It’s become an incredibly popular way for people to make purchases online for a couple of reasons. Firstly, most transactions are anonymous and secure. That means internet users don’t have to worry about anyone monitoring their purchase habits. Secondly, Bitcoin has increased in price dramatically during the last ten years. When it comes to currency investments, it’s one of the best available today. So, let’s take a look at some intriguing facts of which you might not be aware.

Created by Satoshi Nakamoto

An Abridged History of Bitcoin

Most people don’t know this, but Bitcoin was created by Satoshi Nakamoto in 2008. He’s an anonymous figure, and that’s probably not the real name of the inventor. However, he’s credited with coming up with the concept and explaining how it would work to other internet users online. The person disappeared shortly after and has never been seen or heard from again. Lots of people believe the name was a cover story for the intelligence services. Conspiracy theorists think Bitcoin was created by the CIA to monitor the transfer of criminal funds. Even so, there’s no evidence to suggest that is true at the current time.

Bitcoin is a decentralized currency

A brief history of bitcoin – and where it’s going next

Unlike almost every other currency in the world, Bitcoin isn’t managed by a central authority. That means governments, banks, and financial institutions have no control over the market. It’s designed in a way that means it doesn’t need oversight, and that’s why it’s so popular. Currencies can increase and decrease in value all the time, but Bitcoin rarely loses it’s worth. That is because it’s protected from outside influences such as political situations and war. Free of geographical boundaries, users and spend their Bitcoins anywhere in the world. There are no restrictions at all. So long as the seller accepts the currency, it works in every country.

Millions of people use Bitcoin today

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The latest figures show there are around thirteen million Bitcoin wallets in existence today. However, most people use more than one, and so it’s not an accurate picture for judging the number of users. Even so, millions of people use it to purchase goods online and otherwise. Some even earn Bitcoins using their computers or online services. Cloud mining is a new concept that allows users to hire computer power from data centers. It was possible in the past to use a standard desktop at home. That is no longer the case as you need far too much computing power these days.

We hope you’ve learned a little more about Bitcoin today and how it works. Whether you decide to start using it is down to you. We just wanted to draw your attention towards some interesting facts. With that in mind, we’ll finish off now and leave you to conduct more research. Who knows? Maybe you’ll start using Bitcoin as your primary payment method in the future?

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