Strange Facts you need to Know About Blockchain Technology
A good number of people other than you have been confused by this bitcoin cryptocurrency. You will note that the popularity of this cryptocurrency has risen in the recent past. It is however hard to keep up with the progressing 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 purposed for pizza. The first transaction that involved the use of bitcoin was aimed at buying two pizzas. This was carried out in the year 2010. These pizzas were actually 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. Upon conversion, this was around 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. The regulations will in most cases 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 took pace as he tried to upgrade his computer. It was noted that he accidentally threw away a hard drive on which he had earlier installed his bitcoin wallet. 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. You will realize that bitcoin is usually equated to stock. This goes ahead to show that the changes will often be sudden as well as arbitrary. 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 be pillared on the verification of transaction before they can be included in the blockchain. There will then be the creation of a mathematical puzzle. Bitcoins will then be given once a computer solves it.
You will note that the bitcoin mining process is premised on a powerful network. 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 therefore need to be quite careful. You will note that bitcoin was once banned in Thailand among other cryptocurrencies in the year 2013. This was however reversed in 2018.