Top 10 Interesting Fact About Bitcoin

Top 10 Interesting Fact About Bitcoin

Bitcoin is not mentioned in the Bitcoin white paper

In the article titled "Bitcoin: A Peer-to-Peer Electronic Cash System" published under the pseudonym Satoshi Nakamoto and where the idea of ​​Bitcoin emerged, contrary to the title, the name Bitcoin is not mentioned. Nakamoto described the infrastructure to implement a payment system in his article.

 

Bitcoin cannot be transferred

The record of all Bitcoins produced and transferred is kept in a distributed ledger system called blockchain. Bitcoin does not move, cannot be transferred. Users transfer ownership of Bitcoin, not Bitcoin, to each other. The amount of Bitcoin you see in your wallet is the ownership right that you can control. When paying with Bitcoin, you transfer your Bitcoin ownership rights, not Bitcoin. Just as you transfer your ownership right while selling a property, instead of moving that property from one place to another, you permanently transfer the right of use of the Bitcoin you own to someone else.

Bitcoin can be divided into 100 million pieces, but ownership rights are whole. For example, when you want to transfer 0.5BTC of 1 Bitcoin in a Bitcoin address in your wallet to another person, the ownership of 0.5 BTC is transferred to the new owner, while the remaining amount is transferred to another Bitcoin address called change address in the same wallet. is transferred. The address that holds Bitcoin's ownership before the transaction transfers all ownership rights to 2 different Bitcoin addresses for 1 Bitcoin.

 

Satoshi Nakamoto, whose photo you found on the internet, is not the creator of Bitcoin.

If you type Satoshi Nakamoto in the visual search section of search engines and search, you can reach the above photo (or similar). However, although the official name of the person you find is indeed Satoshi Nakamoto, it is not actually Satoshi Nakamoto you are looking for.

Dorian Prentice Satoshi Nakamoto, whose photo you have reached, has no connection with the pseudonym Satoshi Nakamoto, the creator of Bitcoin, except for the name resemblance. In a news published in Newsweek on March 14, 2014, Dorain Nakamoto was claimed to be the creator of Bitcoin, but he did not accept this claim and declared that he had no ties to Bitcoin.

 

Bitcoin will never reach 21 million

Bitcoin is a limited supply of cryptocurrency since the first block produced (Genesis Block). Bitcoin production continues, although 50BTC, initially released for each validated block, decreases by half every 210,000 blocks (approximately every 4 years). On May 11, 2020, when the 3rd block reward halving took place, the amount of Bitcoin produced every 10 minutes fell to 6.25 BTC. It is estimated that production will continue until 2140. However, Bitcoin can technically be produced at most 20,999,971.02187096 units.

 

Lost Bitcoins make others a little more valuable

In 2013, a British named James Howell threw away the hard drive containing a Bitcoin wallet containing 7500 Bitcoin. Howell mined Bitcoin with his laptop in 2009 and produced 7,500 Bitcoins. However, when it became costly to produce Bitcoin with his computer, he quit mining Bitcoin and sold his computer to a virtual marketplace. Although he disassembled and kept the hard disk that contained the Bitcoin wallet in it, he trashed the hard disk along with some old items in 2013. Since there is no other backup of the Bitcoin wallet, it has lost its Bitcoins worth more than $ 80 million today.

Satoshi Nakamoto, on the Bitcointalk forum, for lost Bitcoins, "Lost coins make everyone else's coins only slightly more valuable. Think of it as a donation for everyone." made the comment.

 

The message in the Block of Being

While Satoshi Nakamoto created the first block of the Bitcoin blockchain on January 3, 2009, he added The Times headline (The Times 03 / Jan / 2009 Chancellor on brink of second bailout for banks.) To the initial block of the Bitcoin blockchain. The message "The Chancellor on the brink of a second bailout plan for Banks" is thought to have been chosen both as confirming that the Bitcoin blockchain was actually produced on January 3, 2009 and as a critique of the classical financial system.

 

Bitcoin transfer without internet

In order to transfer Bitcoin, you need to forward your transaction to the Bitcoin network. However, on February 12, 2019, two amateur radio operators managed to transfer Bitcoin from Toronto, Canada to Michigan, America, using shortwave radio signals, without using the internet.

In order for the Bitcoin transfer to be carried out, the transaction must be written to the Bitcoin blockchain. Since no internet connection is used in this transfer, the Bitcoin transfer is considered to be offline without being written to the blockchain.

Moreover, you can transfer Bitcoin without the internet. First, you need to transfer Bitcoin to a Paper Wallet. You can then transfer Bitcoin without using the internet by giving this wallet to the person with whom you will be paying. (Anyone who receives this wallet from you can transfer all the Bitcoin in the paper wallet to their wallet using the private key on it.)

 

Most valuable Bitcoin transfer

On November 16, 2011, 550,000 Bitcoins were transferred at one time. Of the 550,000 Bitcoins from 11 different addresses, each with 50,000BTC, 500,000 were sent to just 1 address. This transfer, which was valued at approximately $ 22 million at the time of the transaction, was equivalent to approximately $ 5.87 billion at the time we prepared this article.

 

Bitcoin-rich FBI

Bitcoin can sometimes be associated with illegal payments. One of the biggest reasons for this is "Silk Road", which is considered one of the largest illegal shopping platforms in the world. In 2013, the platform's Bitcoin wallets were seized by the FBI and its activities were terminated. It is stated that these wallets have approximately 144,000 BTC. (Approximately $ 1.5 billion)

 

Bitcoin transactions are anonymous but not confidential

All transactions that take place on the Bitcoin blockchain are recorded from the first Bitcoin block. Transactions on the Bitcoin blockchain are carried out anonymously, without revealing the identities of the users, but can be tracked because all transactions are recorded. For example, when you pay a friend with Bitcoin, your friend can view all transactions at your address, retrospectively from the last transfer.

Article by Crypto Glossary Team
Top 10 Interesting Fact About Bitcoin

Top 10 Interesting Fact About Bitcoin

Bitcoin is not mentioned in the Bitcoin white paper

In the article titled "Bitcoin: A Peer-to-Peer Electronic Cash System" published under the pseudonym Satoshi Nakamoto and where the idea of ​​Bitcoin emerged, contrary to the title, the name Bitcoin is not mentioned. Nakamoto described the infrastructure to implement a payment system in his article.

 

Bitcoin cannot be transferred

The record of all Bitcoins produced and transferred is kept in a distributed ledger system called blockchain. Bitcoin does not move, cannot be transferred. Users transfer ownership of Bitcoin, not Bitcoin, to each other. The amount of Bitcoin you see in your wallet is the ownership right that you can control. When paying with Bitcoin, you transfer your Bitcoin ownership rights, not Bitcoin. Just as you transfer your ownership right while selling a property, instead of moving that property from one place to another, you permanently transfer the right of use of the Bitcoin you own to someone else.

Bitcoin can be divided into 100 million pieces, but ownership rights are whole. For example, when you want to transfer 0.5BTC of 1 Bitcoin in a Bitcoin address in your wallet to another person, the ownership of 0.5 BTC is transferred to the new owner, while the remaining amount is transferred to another Bitcoin address called change address in the same wallet. is transferred. The address that holds Bitcoin's ownership before the transaction transfers all ownership rights to 2 different Bitcoin addresses for 1 Bitcoin.

 

Satoshi Nakamoto, whose photo you found on the internet, is not the creator of Bitcoin.

If you type Satoshi Nakamoto in the visual search section of search engines and search, you can reach the above photo (or similar). However, although the official name of the person you find is indeed Satoshi Nakamoto, it is not actually Satoshi Nakamoto you are looking for.

Dorian Prentice Satoshi Nakamoto, whose photo you have reached, has no connection with the pseudonym Satoshi Nakamoto, the creator of Bitcoin, except for the name resemblance. In a news published in Newsweek on March 14, 2014, Dorain Nakamoto was claimed to be the creator of Bitcoin, but he did not accept this claim and declared that he had no ties to Bitcoin.

 

Bitcoin will never reach 21 million

Bitcoin is a limited supply of cryptocurrency since the first block produced (Genesis Block). Bitcoin production continues, although 50BTC, initially released for each validated block, decreases by half every 210,000 blocks (approximately every 4 years). On May 11, 2020, when the 3rd block reward halving took place, the amount of Bitcoin produced every 10 minutes fell to 6.25 BTC. It is estimated that production will continue until 2140. However, Bitcoin can technically be produced at most 20,999,971.02187096 units.

 

Lost Bitcoins make others a little more valuable

In 2013, a British named James Howell threw away the hard drive containing a Bitcoin wallet containing 7500 Bitcoin. Howell mined Bitcoin with his laptop in 2009 and produced 7,500 Bitcoins. However, when it became costly to produce Bitcoin with his computer, he quit mining Bitcoin and sold his computer to a virtual marketplace. Although he disassembled and kept the hard disk that contained the Bitcoin wallet in it, he trashed the hard disk along with some old items in 2013. Since there is no other backup of the Bitcoin wallet, it has lost its Bitcoins worth more than $ 80 million today.

Satoshi Nakamoto, on the Bitcointalk forum, for lost Bitcoins, "Lost coins make everyone else's coins only slightly more valuable. Think of it as a donation for everyone." made the comment.

 

The message in the Block of Being

While Satoshi Nakamoto created the first block of the Bitcoin blockchain on January 3, 2009, he added The Times headline (The Times 03 / Jan / 2009 Chancellor on brink of second bailout for banks.) To the initial block of the Bitcoin blockchain. The message "The Chancellor on the brink of a second bailout plan for Banks" is thought to have been chosen both as confirming that the Bitcoin blockchain was actually produced on January 3, 2009 and as a critique of the classical financial system.

 

Bitcoin transfer without internet

In order to transfer Bitcoin, you need to forward your transaction to the Bitcoin network. However, on February 12, 2019, two amateur radio operators managed to transfer Bitcoin from Toronto, Canada to Michigan, America, using shortwave radio signals, without using the internet.

In order for the Bitcoin transfer to be carried out, the transaction must be written to the Bitcoin blockchain. Since no internet connection is used in this transfer, the Bitcoin transfer is considered to be offline without being written to the blockchain.

Moreover, you can transfer Bitcoin without the internet. First, you need to transfer Bitcoin to a Paper Wallet. You can then transfer Bitcoin without using the internet by giving this wallet to the person with whom you will be paying. (Anyone who receives this wallet from you can transfer all the Bitcoin in the paper wallet to their wallet using the private key on it.)

 

Most valuable Bitcoin transfer

On November 16, 2011, 550,000 Bitcoins were transferred at one time. Of the 550,000 Bitcoins from 11 different addresses, each with 50,000BTC, 500,000 were sent to just 1 address. This transfer, which was valued at approximately $ 22 million at the time of the transaction, was equivalent to approximately $ 5.87 billion at the time we prepared this article.

 

Bitcoin-rich FBI

Bitcoin can sometimes be associated with illegal payments. One of the biggest reasons for this is "Silk Road", which is considered one of the largest illegal shopping platforms in the world. In 2013, the platform's Bitcoin wallets were seized by the FBI and its activities were terminated. It is stated that these wallets have approximately 144,000 BTC. (Approximately $ 1.5 billion)

 

Bitcoin transactions are anonymous but not confidential

All transactions that take place on the Bitcoin blockchain are recorded from the first Bitcoin block. Transactions on the Bitcoin blockchain are carried out anonymously, without revealing the identities of the users, but can be tracked because all transactions are recorded. For example, when you pay a friend with Bitcoin, your friend can view all transactions at your address, retrospectively from the last transfer.