10 BITCOIN FACTS YOU SHOULD KNOW.
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1.) No single entity or government has control over Bitcoin.⚫ In Bitcoin's case, blockchain is decentralized so that no single person or group has control-instead, all users collectively retain control.
2.) If you lost your Bitcoin private key. You lost your Bitcoins. If you lose the private key to your Bitcoin wallet, you will lose access to the coins stored in it forever. This is because the private key is the only way to access and spend the coins in the wallet.
3.) Bitcoin Can't Be Banned. The lack of a physical form and cryptography makes it difficult to confiscate. No one actually controls Bitcoin, so governments' only chance at stopping the rapidly expanding cryptocurrency network is to ban citizens from owning it. But as gold has proven, it doesn't work.
4.) Bitcoin transaction are measured in Satoshi/Byte. The Bitcoin transaction fee is measured in the number of satoshis paid for per byte of the transaction. Satoshi is the smallest unit of the native currency bitcoin of the Bitcoin network, where 1 bitcoin = 100 Million satoshis. Miners give priority to the transactions in the mempool with high transaction fees.
5) Satoshi Nakamoto, the so-called Bitcoin founder is said to own 980,000 BTC. Satoshi Nakamoto may be worth around $42 billion Currently, estimates suggest the not worth of Satoshi Nakamoto in 2022 may be around 547 billion. These wallets currently hold around 980,000 bitcoins, although it's believed Satoshi Nakamoto owns more than 1 million BTC in total.
6) Bitcoin Network is more powerful than
1500 supercomputers put together Bitcoin's network is lares and powerful, and as a result can calculate quintillions of hashes xury second. For reference, a quintillion is a million million millions.or 1.000.000.000.000.000.000. Fluctuations in
7) Popular Bitcoin Pizza Guy was the first person to use BTC as a medium of exchange. Thirteen years ago today, a historic purchase was made using the first-ever cryptocurrency that existed in the space. Bitcoin. It was when a BTC miner named Laszlo Hanyecz made the first known real- world BTC transaction by buying two boxes of Papa John's Pizza in Jacksonville, Florida, for 10,000 BTC
8) Bitcoin Transactions can't be reversed. When a transaction is added to the blockchain, it is confirmed by network participants, or minors, who validate and secure the transaction data. Once confirmed. the transaction is permanently recorded on the blockchain, and altering or reversing it becomes impossible.
9) All Bitcoin transaction Data is transparent and can be seen on Blockchain. Many people believe that Bitcoin is anonymous However, this is not the case. Bitcoin, contrary to popular belief, is traceable. While your identity is not directly linked to your Bitcoin address, all transactions are public and recorded on the blockchain.
10. University of Nicosia, Cyprus was the first university to accept BTC as Tuition Fees. The University of Nicosia (UNEC) is the largest university in Cyprus, and the largest university in Southern Europe that teaches primarily in English, welcoming over 12,000 students from over 70 countries across the globe and has become the world's first to accept Bitcoins as Tuition
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