March 07 2023•Cfao
There are many interesting facts about Bitcoin that you may not have heard before explain Tomer Levi. Whether you are a crypto newbie or an old pro, these fun facts can help you learn more about this popular digital currency.
Using a Honey Badger to Explain Cryptocurrency
In an attempt to find a better way to describe the concept of cryptocurrency, the founders of bitcoin decided that a honey badger would be the perfect fit. The animal is famous for its toughness and ability to survive all kinds of attacks, including bee stings and snake bites.
The Blockchain and Its Power
One of the key features of Bitcoin is the fact that it operates without a central authority. This means that if you make a mistake in your transaction, there is nobody to turn to – except to ask the network to help correct the error.
This is a big advantage to the network, and it also gives you an extra layer of security. The blockchain is an online ledger that records all of the transactions that have ever occurred on it, so any hacking attempt can be traced back to its origins.
Mining Bitcoins is Not a Game
In order to maintain the bitcoin network, miners have to solve mathematical problems that verify the various transactions in it. They then get paid a certain number of bitcoins for their efforts. The coins are then stored in their own wallets that can be used to pay for products or services.
There Are Only 21 Million Bitcoins In the World
This might be a surprising fact, but it is actually true. The number of bitcoins in circulation is limited to 21 million, and the last one will be mined in 2140.
55% of Bitcoiners Are Right Of The Political Center
Although there are many people who are crypto-anarchists, a large majority of those who use this currency are also right-wing. That’s because they tend to be anti-central government and prefer an alternative to centralized solutions like the US dollar or Euro.
They are a Store of Value
The fact that the price of a single bitcoin can double in just a day is a huge sign of its growing popularity. In other words, it has the potential to become a real store of value if you hold enough of it for long periods of time.
You Can Buy Anything With Bitcoin
You can use bitcoin to purchase just about any product or service you can think of. For example, Xbox, Humble Bundle, Big Fish Games, AirBaltic and Virgin Galactic accept it as a payment method.
These companies are just a few of the thousands that accept it as a form of payment. You can also use it to purchase goods and services from small local businesses.
Buying Gift Cards with Bitcoin
A major reason why many people use bitcoin is because it offers a convenient, secure and low-cost method of paying for goods and services online. A large portion of these purchases are made using gift cards.