5 things you may not know about Bitcoins

date: 19 July 2016
reading time: 3 min

Bitcoin has been regularly causing a stir. It goes up very fast to plummet seconds later. Right now, its situation is, once again, unstable but it wasn’t always like this…

You may wonder, what Bitcoins are:

They are a form of digital, intangible currency which isn’t controlled by any authorities.

Let’s talk numbers – Bitcoin came into existence in 2008 and was created by an anonymous person. Every day 3,600 Bitcoins are mined on more than 20,000 computers. If you think that you’ll be able to mine forever you are wrong – the maximum number of Bitcoins to be ever mined is 21 million, however they shouldn’t be mined until 2140.

Read on, since the beginnings of Bitcoin were neither smooth nor certain and nobody imagined it to grow that vastly.

1. Mister ‘who’
As we mentioned above, the true creator of the currency isn’t known. This person, however, went by the name of Satoshi Nakamoto – yet it must have been a pseudonym, since he was untraceable. His sole channel of communication with first clients was email, up to his complete disappearance in 2011.

2. The most expensive pizza
In 2010 Bitcoin was still in its infancy and many didn’t believe it may develop. Due to this fact, Laszlo Hanyecz from Florida thought he found a perfect way to eat for free. He decided to pay for pizza in this very currency. He paid 10,000 Bitcoins in total for several Italian delicacies, which now will be worth around $5 million.

3. A legit currency
In reference to the above point, you really can pay for goods with Bitcoins. As for now, it is possible to buy a Lamborghini, a pizza or even to schedule Mel B’s concert simply by paying with Bitcoins.

4. As good as gold?
Not anymore because since 2013 Bitcoin has been worth more than an ounce of gold. Right now, after Brexit, it still goes strong, however is volatile and this is the very reason why its price changes dramatically. Nonetheless, while the pound is plummeting, gold and Bitcoins are both a sane investment path.

5. Lives on the line
Gaining Bitcoins may sometimes get dangerous. In February 2016, hackers attacked a Hollywood Presbyterian Medical Hospital demanding ransom of $17,000 in Bitcoins. Hackers cut off the systems within the whole place, which led to stopping all medical procedures, putting lives of patients on the line and making the hospital authorities to yield.

Given the current, still a bit unsure, situation of Bitcoin, we can only hope it will rise from the ashes and become successful again- as it did many times before. Bitcoin, and cryptocurrencies in general, are quite a new concept but, as you’ve just learned, they are getting closer to becoming useful, rather than just being geeks’ fantasy money.

Source: https://assets.entrepreneur.com/article/1394042096-50-insane-facts-bitcoin-infographic.jpg?_ga=1.59938030.279306732.1467704091

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