Top Facts Worth Knowing About Blockchain Technology
You will realize that more and more people have been confused by the bitcoin cryptocurrency. It is necessary to indicate that there has been an enhancement in the popularity of cryptocurrency in the past few years. You will however find it hard to keep up with the ever evolving technology. This will mostly happen if you are not quite tech-savvy. As you choose to read on, you will learn a good number of facts that revolve around both bitcoin and blockchain technology.
You will learn that the initial bitcoin was actually meant for pizza. The very first transaction that involved the use of bitcoin sought to purchase two pizzas. This was done in the year 2010. You will note that these puzzas were actually purchased on the 22nd of May. This day has been acknowledged as the Bitcoin Pizza day. You will realize that these pizzas cost about ten thousand bitcoins. This was translated to about 40 dollars. You will however learn that it has only taken about 8 years for the value of these bitcoins to rise to well over 150.7 million dollars. It is also important to indicate that there is no solid information as to who controls bitcoin. There is no definite entity that has absolute control over this kind of currency. Regulations will also vary from one country to another.
It is important for you to keep in mind the fact that there was a man that sustained a loss of about sixty seven thousand dollars. This occurred during a computer upgrade. It was noted that he accidentally threw away a hard drive on which he had earlier installed his bitcoin wallet. He however had to retrieve it after realizing his mistake. It is important for you to understand that bitcoin is appreciated for its transparency. You will realize that this data is not encrypted. Bitcoin is also compared to stock. It is important to indicate that this means that there will be great volatility and arbitrary changes. You will hence find it necessary to ensure that you keep checking any price changes. It is through the process of mining that it will be possible for you to come up with this bitcoin. This process will often take into account the verification of transactions before their addition to the blockchain. A mathematical puzzle will then be created. Once solved by a given computer, bitcoins are rewarded.
The network behind this bitcoin mining process is very powerful. Such power will often be likened to that of a combined power from five hundred supercomputers. You will however note that there are no refunds. There is a need, therefore, for you to be quite cautious. You will also learn that Thailand banned the use of bitcoin and other cryptocurrencies in 2013. This was however reversed in 2018.
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