Bitcoin, the most famous and most sought cryptocurrency in the world. The one virtual currency which almost everyone now knows about. The reason behind such great fame is the following
Yes, this is the price of one Bitcoin; $9443 or about Rs. 6,10,000!!And you know something more interesting, this price is after a sudden downfall in the price of the bitcoin as before it was about more than $11,000.
Bitcoin is also one of the most speculated thing in 2018 but there are many unknown great facts about bitcoin that you never knew. So here we are counting down on our list of Top 10 Insane Facts About Bitcoin that you must know.
Buckle up now, as we're diving straight to the list.
#10. The Amount Of Energy Wasted
When
everyone talks of Bitcoin its all about the value, or the volatility or
how amazing it is etc. No one talks about how much energy its
consuming. The computing power of the Bitcoin network is currently
around 8,000,000 TH/s.
This comes at a cost.
Imagine
how many enthusiasts are currently tweaking their 20 GPU 4kW mining
rig. Or how many systems have been compromised to mine 24/7/365.
There
are a lot of variables to take into consideration such as the source of
energy and average energy consumed per hash but the energy consumption
of the Bitcoin network is estimated at 18 TWh / year which is
enough to power around 1.7 million US households.
Even though this is
only around 0.09% of the worlds energy consumption its still a lot for a
single transaction system to consume.
Compare this to other transaction networks such as Visa and you can see how much difference there is:
And
when we take into consideration that Visa averages around 1,667
transactions per second while Bitcoin averages around 3–4 transactions
per second. Who do you think is running more efficiently?
So why is it wasted?
The
creation of a new Bitcoin requires all of this collective computational
power to perform complex calculations which have no real value other
than to show that is has been done.
This ‘Proof-of-work’ method of embedding integrity into the Concurrency is exponentially unsustainable as the currency grows.
Lets say person A is mining away, trying to get the next block reward.
Person B is also mining for the same goal.
For
simplicity imagine if Person A and B were the only miners on the
network. Only one of them would be rewarded the next block which
essentially means that the hashing that one of them has done, hasn’t
really done anything.
#9. How Many Are There?
Bitcoin's
supply is limited to 21 million - a number that is expected to be
reached around the year 2140.
So far, around 16.7 million bitcoins have
been released into the system, with 12.5 new ones released roughly every
10 minutes via a process called "mining", in which a global network of
computers competes to solve complex algorithms in reward for the new
bitcoins.
#8. Bitcoin Billionaires
Bitcoin
has performed better than every central-bank-issued currency in every
year since 2011 except for 2014, when it performed worse than any
traditional currency. So far in 2017, it is up around 1000 percent.
If
you had bought $1,000 of bitcoin at the start of 2013 and had never sold
any of it, you would now be sitting on $80 million. (Trust me this broke my heart too)
Many people
consider bitcoin to be more of a speculative instrument than a currency,
because of its volatility, increasingly high transaction fees, and the
fact that relatively few merchants accept it.
#7. Exchange Heists
More
than 980,000 bitcoins have been stolen from exchanges, either by
hackers or insiders. That's a total of more than $10 billion at current
exchange rates. Few have been recovered.
#6. Mystery Creator
Despite
many attempts to find the creator of bitcoin, and a number of claims,
we still do not know who Satoshi Nakamoto is, or was.
Australian
computer scientist and entrepreneur Craig Wright convinced some
prominent members of the bitcoin community that he was Nakamoto in May
2016, but he then refused to provide the evidence that most of the
community said was necessary.
It is not clear whether Satoshi Nakamoto,
assumed to be a pseudonym, was a name used by a group of developers or
by one individual.
Nor is it clear that Nakamoto is still alive - the
late computer scientist Hal Finney's name is sometimes put forward.
Developer Nick Szabo has denied claims that he is Nakamoto, as has tech
entrepreneur Elon Musk more recently.
#5. Most Expensive Pizza Bought
On May 22, 2010, a developer from Florida bought two pizzas for 10,000 Bitcoins, which was around $25 at that time.A guy from the UK made the order to the developer’s home address and took the crypto-funds. Today, 10,000 would be be worth around $83 million - this could buy so many pizzas.
#4. Most Valuable Bitcoin
2 Bitcoin addresses hold 1.65% of all Bitcoins, which are worth over $2 billion.
#3. Sheer Luck
A Norwegian student bought $27 worth of Bitcoin and forgot about the transaction. After a few years, he found that his Bitcoins were worth $886,000.
#2. Modern Treasure
James Howells, who works in IT, created 7500 Bitcoins in 2009 without so much effort. However, he didn’t realize the importance of that wallet, and threw away the hard drive.
The hard from his Dell laptop should be somewhere in the trash in a Wales landfill. 7500 Bitcoins are worth over $60 million today.
#1. Total Market Cap Of BTC
Some experts expect Bitcoin to reach $100,000 and even go beyond. Under such conditions, the total market cap of BTC will be measured in trillions.
There you have it, Top 10 Insane Facts About Bitcoin that you must know and are unknown to many people.
I hope you liked this amazing treat of unknown interesting facts about bitcoin and if you did, make sure to share this with your friends and family so that they also might know the awesomeness of this great trend called bitcoin.
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