Weird Facts About Block-Chain Technology

A good number of people other than you have been confused by this bitcoin cryptocurrency. You will note that the popularity of this cryptocurrency has risen in the recent past. It is however hard to keep up with the progressing technology. This will mostly happen if you are not quite tech-savvy. As you read more, you will get the chance to learn a number of facts about both bitcoin and blockchain technology.

You will learn that the initial bitcoin was purposed for pizza. The very first transaction that involved the use of bitcoin sought to purchase two pizzas. This was carried out in the year 2010. These pizzas were actually bought on the 22nd of May. This day is actually commemorated as the Bitcoin Pizza day. It is necessary to indicate that these pizzas cost about 10000 bitcoins right then. This was translated to about 40 dollars. You will however learn that it has only taken about 8 years for the value of these bitcoins to rise to well over 150.7 million dollars. You will learn that there is no solid information that illustrates who is behind or rather in charge of bitcoin. There is actually no body that has absolute authority over this form of currency. Regulations will actually differ from a given country to another.

You will also learn that there was a man that suffered a loss of 67000 dollars. This occurred during a computer upgrade. It was noted that he accidentally threw away a hard drive on which he had earlier installed his bitcoin wallet. However, upon realizing his mistake, he chose to pursue its retrieval. You will learn that bitcoin is absolutely transparent. You will realize that this data is not encrypted. Bitcoin is also compared to stock. This means that changes will often be sudden and even arbitrarily. You will therefore have to keep checking the price changes. Bitcoin will in most cases be created through a process of mining. This process will often involve the verification of transactions before they are added to the block-chain. There will then be the creation of a mathematical puzzle. Bitcoins will then be given once a computer solves it.

You will note that the bitcoin mining process is premised on a powerful network. This power is often compared to that of five hundred combined supercomputers. However, refunds are never there. You will therefore need to be quite careful. You will also learn that Thailand banned the use of bitcoin and other cryptocurrencies in 2013. This was however reversed in 2018.