Bitcoin Facts
Though Bitcoin (BTC) is very popular, many don’t have an in-depth knowledge of it. They only have heard the name and many even misinterpret Bitcoin as cryptocurrency itself. You probably have heard this from your pal(s), “How many cryptos do you have?” when they are referring to the BTC. Here is about Bitcoin Facts.
If you are among this group of people searching for facts about BTC, then you are in the right place.
1. A Mysterious Creator
The group of people, or man, behind the existence of Bitcoin (BTC) is Satoshi Nakamoto. In 2009, this man or group of people introduced crypto to the world. Since then, Bitcoin (BTC) has become the biggest and most popular crypto. It’s believed that he or they have over 980,000 BTC in their crypto wallet, which makes him or them very rich.
2. Bitcoin Currency Code
If you are going through this article with keen interest, you will observe that Bitcoin is often interchanged with BTC and you might have wondered why.
The currency codes of any cryptocurrency are to represent a particular crypto. All cryptocurrency available in the world today have their code. This code is often not shared with any other crypto. For instance, the currency code for Bitcoin is BTC, which represents Bitcoin.
Some of the codes for notable cryptocurrencies are; Ethereum (ETH), Solana (SOL), Cardano (ADA), Shiba Inu (SHIB), and Binance Coin (BNB), Polygon (MATIC), and Ripple (XRP).
3. Bitcoin (BTC) Restriction
Though very popular, many countries have placed a ban on the use of cryptocurrency. Some countries, such as Ecuador and China, have rejected Bitcoin (BTC) as a legal tender. Although the restrictions on the use of Bitcoin as legal tender, the President of El Salvador has never ceased to make his support for Bitcoin known. In the country, Bitcoin (BTC) is a legal tender up to date despite the recent crypto crash that affected the crypto, causing it to trade as low as $20,000 at the time of writing.
4. Limit to BTC Available
Do you know that there is a limit to the number of bitcoins (BTC) available in the market? The total number is estimated to be 21 million. These have been reduced over the years as there are only just over 17 million BTC in circulation. This means that over 80% of the total amount that is to be in the market has been mined by bitcoin miners. There is no cause for alarm as there will be more Bitcoin to miners for many decades.
5. Losing Your Bitcoin
Do you know it is possible that you can lose all your BTC in your wallet in a second? Your Bitcoin address or private key is like the PIN on your debit card. Once your PIN gets discovered by another party, the money in your account is not safe. The same is how it is with your Bitcoin address or private key. Once your private key is lost, the BTC in your wallet is no longer safe.
Conclusion
Conclusively, hope the intent of this article has been achieved as we have reviewed six facts about BTC. Bitcoin (BTC) is the largest crypto in the general market in terms of market cap. The largest crypto is currently trading below $22,000 at the time of writing.
Bitcoin (BTC), unlike Ethereum (ETH), is a coin, not a token. Crypto coins refer to the native of a particular blockchain. That is to say, we have the Bitcoin and Ethereum blockchains, but when something is created on the blockchain, it is then referred to as a token.
Bitcoin is virtual money and not physical money, but it can be used for what physical money can be used. Bitcoin can also be used as payment for goods and services, but not all shops and stores accept Bitcoin as a means of payment.
Presently, there are almost 4 million BTC that are left out of the market but when these BTC are used up, BTC will not go out of existence but the cost of mining Bitcoin will disappear.
