10 random facts about Bitcoin I CoinDCX.

Snapshot:

• Introduction about Cryptocurrency.
• Random facts about Bitcoin.
• How are Bitcoin and bitcoin different?

The world of finance and cryptocurrency is deemed confusing because of the usage of various terminologies along with endless investing options. The merger between the internet and our daily lives have opened doors for the financial world to evolve. 

The financial sector clubbed with the internet has not only given us newer and faster solutions but also created new digital assets to enrich our portfolio. This newer asset class, also known as digital currencies or cryptocurrency, can be exchanged with fiat currencies like USD, INR etc. or the investors can HOLD them for when they reach a higher market value. 

Among the various cryptocurrencies available in the market, Bitcoin has garnered more popularity since its inception in 2009. In December 2020, institutional investors even called Bitcoin digital gold. If one is new to the crypto space, Bitcoin may sound a bit confusing and a little difficult to comprehend. To explain BITCOIN, here are a few random facts about ₿.

The Delphic creator.

Bitcoin came into being in 2009 when someone named Satoshi Nakamoto introduced the Bitcoin Whitepaper to the world. Every block within a Bitcoin is therefore known as satoshis.

Bitcoin is not controlled by anyone.

The statement might sound a little confusing, but it is true. Fiat currencies, as we know, are controlled by the banks and the government. In the case of Bitcoin, or any other altcoins, no one is in control. Anyone who owns a Bitcoin is in charge of it. 

Bitcoin is limited.

Acknowledging the fact that Bitcoin is not controlled by any central body often leads to the misconception that it is in abundance. No, Bitcoin is finite in numbers. There will only ever be 21,000,000 Bitcoin in the world. 

Bitcoin is Secure.

Unlike other well-known assets, such as Gold, Bitcoin is not directly manhandled. The whole trading process of Bitcoin is run through a new-age technology; Blockchain. Blockchain is a similar database that allows multiple users to record and make changes in it. Once the data is entered, it cannot be removed or changed as it only provides the feature of adding the data. 

Bitcoin does not have a determined value.

Unlike a dollar bill or an INR note, Bitcoin does not have a predetermined value. The value of Bitcoin is determined by how popular in demand it is. On certain occasions, when renowned personals like Elon Musk invest 1.5 billion dollars in Bitcoin, its value surges to an all-time high. 

(Source: Bloomberg, February 9th, 2021. 12:35 GMT)

Bitcoin transactions are Transparent.

All transactions in Bitcoin is transparent to the public. When we say transparent, it means only the following two are visible:

• The transactions being made  &
• The amount of money transacted.

Everything else, i.e. personal information and data, remain anonymous. 

Bitcoin transactions are irreversible.

The most integral characteristics of why Bitcoin is the best cryptocurrency to invest in is that no one can reverse a transaction, once it is done. It is a one-way process, which makes it impossible to misuse. For example; if you are investing in real estate via Bitcoin. Once you have paid the realtor, they can neither reverse the transaction nor can they repeat the bill and for you to pay more. 

Bitcoins are stored in digital crypto wallets.

Wallets are the most essential part of our daily lives. Similar to how we keep fiat money in our wallets, all Bitcoins and top cryptocurrencies are kept or stored in digital crypto wallets. 

Also read: What are Cryptocurrency Wallets?

Zero transaction fees.

Unlike the need to pay transactions while transferring money from one bank to another, transactions in Bitcoin is done with Zero fees. This feature alone makes Bitcoin one of the top cryptocurrency to invest in.

Bitcoin and bitcoin have different meanings.

Though there is no big difference between Bitcoin and bitcoin. The function of the two is completely different. Bitcoin refers to the public ledger that collects the information of the transactions and bitcoin is referred to as the currency that is used to perform the transactions.

To learn more about Bitcoin and the technicalities behind digital gold, click here.

If you want to be certified in Bitcoin, click here.