Top Facts Worth Knowing About Blockchain Technology

24 Sep

You will realize that more and more people have been confused by the bitcoin cryptocurrency. You will note that the popularity of this cryptocurrency has risen in the recent past. 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. This initial transaction aimed at purchasing two pizzas. This was done in the year 2010. These pizzas were bought on the 22nd of May. This day is actually commemorated as the Bitcoin Pizza day. It is necessary to indicate that these pizzas cost about 10000 bitcoins right then. 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. You will learn that there is no solid information that illustrates who is behind or rather in charge of bitcoin. There is no definite entity that has absolute control over this kind of currency. Regulations will actually differ from a given country to another.

It is also important you to be reminded that there was a man who lost about 67000 US dollars. This occurred during a computer upgrade. He threw away a hard drive on which he had installed his wallet. However, as soon as he noted his mistake he chose to make sure that he retrieves it. You will realize that there is no cryptocurrency that is more transparent than bitcoin. You will realize that this data is not encrypted. You will realize that bitcoin is usually equated 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. Bitcoin will in most cases be created through a 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. Bitcoins will then be given once a computer solves it.

The network that drives the bitcoin mining process is quite powerful. This power will in most cases be equated to the power produced by a combination of 500 supercomputers. You will however note that there are no refunds. You will hence need to be more careful. It is necessary to indicate that Thailand banned the use of bitcoin as well as other cryptocurrencies in 2013. You will however realize that there was a lift on this ban in 2018. View here for more information.

* The email will not be published on the website.
This site was built using