Crucial Facts About Bitcoins That You Need To Know About!

May 18, 2021

Trends keep on changing over time, but bitcoin is the most trending topic for a few years now. It is a decentralized cryptocurrency that has several unique features. A lot of people over the world as attracted to bitcoin. But before you purchase some bitcoins, you must know some important facts about them.

Unknown founder

Bitcoin is the most valuable and popular cryptocurrency in the world. With its massive success all over the world, everyone wants to know about its founder or creator. But you will be amazed to know that no one knows about the creator of bitcoin.

There is a name, Satoshi Nakamoto, linked to the creator of bitcoins, but no one has seen or met him. The last conversation someone has with him was in 2010, and that was over the Internet. He is still a mystery, and no one knows even if he is alive or dead. His bitcoin wallet has the highest number of bitcoins; 980000 bitcoins.

According to his bitcoin wallet balance, he is the richest person in the world, but no one knows who he is and where he lives.

Bitcoins cannot be recovered.

Bitcoin is a digital currency, and it is saved in a digital locker known as bitcoin wallets. Before you start using bitcoins, you must understand that it is vital to store bitcoins safely.

Bitcoin wallets cannot only be accessed through the private key, and if you lose that, you may lose your bitcoins too. It is imperative to store the private keys safely as if you lose them, you will also lose the bitcoins, and the worst part is that lost bitcoins cannot be recovered.

There is no recovery option available with bitcoin wallets, so once you lose the bitcoins, they will be lost forever. A massive portion of total bitcoin addresses is a ghost, which means their real users have lost their addresses as well as access to the bitcoins via website like

Banned in some countries

It is irrefutable that bitcoin is a highly popular currency, but it is still not accepted as a legal payment method worldwide. You can use fiat currency to make transactions worldwide as it is a common medium of exchange that is used across the globe.

But bitcoin is different as it is a decentralized cryptocurrency, and some countries have placed a ban on its usage. Some countries have placed a complete ban on the use of bitcoins, whereas some of them have advised their resident to be cautious while using bitcoins as it is not controlled by the government, which increases the risks of theft or fraud.

Finite number

A finite number of bitcoins can ever be issued in the market, and that is 21 million. Bitcoins are created through bitcoin mining, and only 21 million bitcoins can ever be mined. Currently, 17 million bitcoins out of 21 million bitcoins have already been mined.

It is expected that the last Bitcoin will be mined by 2140, and after that, no new bitcoins will be issued in the market. Bitcoins are created by bitcoin miners, and they received around 12.5 bitcoins for each block they solved. The reward gets reduced by half every four years, and the process is known as halving. The last halving occurred in the year 2020, and currently, the reward for solving a block is 6.25 bitcoins.

Irreversible payments 

If you use traditional payment methods such as credit card, you must be aware of a feature offered by them that allows you to reverse the payment within a certain period of time. But if we talk about bitcoins, their transactions are irreversible.

It means that once you have sent bitcoins to someone, it is impossible to get them back until or unless the recipient himself sends them back. So, you must be careful while using bitcoins and think twice before making a transaction as a small mistake can make you lose all your bitcoin forever.

You must be careful while typing the bitcoin address to ensure that there is no typo mistake as it would make the funds reach the wrong recipient.

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