Weird Facts About Block-Chain Technology
A good number of people other than you have been confused by this bitcoin cryptocurrency. It is necessary to indicate that there has been an enhancement in the popularity of cryptocurrency in the past few years. It is however quite hard to keep up with the ever changing 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.
It is necessary to indicate that the very first bitcoin was meant for pizza. The very first transaction that involved the use of bitcoin sought to purchase two pizzas. This was carried out in the year 2010. You will note that these puzzas were actually purchased on the 22nd of May. This day is usually remembered as the Bitcoin Pizza day. You willlearn that these pizzas were priced at about 10000 bitcoins as at that moment. This was taken to be about 40 dollars at the moment. However, eight years down the line the value of bitcoins has risen to about 150.7 million dollars. You will also realize that there is no clear information on who controls this cryptocurrency. There is actually no body that has absolute authority over this form of currency. Regulations will actually differ from a given 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. He is said to have thrown away a hard drive on which his bitcoin wallet had been installed. However, upon realizing his mistake, he chose to pursue its retrieval. You will realize that there is no cryptocurrency that is more transparent than bitcoin. You will realize that this data is not encrypted. Bitcoin is every so often be likened to stock. This means that changes will often be sudden and even arbitrarily. You will therefore have to keep checking the price changes. You will learn that bitcoin will in most cases be created through the process of mining. This process will often involve the verification of transactions before they are added to the block-chain. A mathematical puzzle will then be created. It is only after this has been solved by a computer that bitcoins will be given.
The network behind this bitcoin mining process is very powerful. This power will in most cases be equated to the power produced by a combination of 500 supercomputers. However, refunds are never there. There is a need, therefore, for you to be quite cautious. You will note that bitcoin was once banned in Thailand among other cryptocurrencies in the year 2013. This ban was however lifted in 2018.