Skip to main content

Top 10 fascinating facts about Bitcoin

Top 10 fascinating facts about Bitcoin
Since the start of the Internet age, businesses have used this worldwide platform to sell their products to an ever-increasing share of the world’s populace. Most of us have bought items off the Internet using credit cards or bank accounts. But over the years, developers have tried to find a way to create a unique currency just for the digital marketplace. In 2009, they did with the introduction of Bitcoin.

Top 10 fascinating facts about Bitcoin

1. Bitcoins Might Collapse In The Future
Bitcoin enthusiast Mike Hearn believes that Bitcoins might fail in the future if they continue to follow their current path. According to Hearn, those in control of Bitcoin have lost track of the original purpose of the currency. Many discredited Hearn, but his prophecy has caused some to look deeply into Bitcoin’s functions and the reasons why he claimed Bitcoins are doomed.  His first reason was that Bitcoins were initially meant to be a decentralized currency, unlike most other physical currencies. However, Bitcoins are now controlled by a small group of people, the exact opposite of what was supposed to happen.

2. Bitcoins Are Incredibly Volatile For Many Reasons
Bitcoins were first launched, the price has gone from pennies on the dollar to several hundreds of dollars as of mid-2016. However, even though the price is far higher in 2016 than it once was, it still fluctuates and remains quite volatile. In 2014, the price fell by 60 percent and many took this as a sign that Bitcoin might finally die out, In 2015, Bitcoins again became volatile because of an apparent Russian pyramid scheme which became incredibly popular in China. As Bitcoin was the only currency taken in the Russian scheme, the Chinese began to buy in droves, causing the price to rise. This year, Chinese demand again drove up the price of Bitcoins when the yuan was devalued. This caused prices to go up by 20 percent.

3. The Creator Of Bitcoin Is A Mystery 
All that is known about the creator of Bitcoin is that he went by the name Satoshi Nakamoto. Like the currency he invented, Satoshi is almost completely anonymous. As it goes, he introduced the currency in 2009 and communicated with the first users by email never by phone or in person. Even after the spectacular rise of Bitcoin, Satoshi continued to remain in the shadows and disappeared completely in 2011.

4. Bitcoins Could Be Used For Terrorist Purposes  
In 2014, someone using the name Amreeki Witness posted a .pdf on WordPress in which he stated that it was hard for most supporters of ISIS to give money due to restrictions by the ruling government of Iraq. His remedy was to have supporters donate Bitcoins which, of course, couldn’t be tracked if the process of “mixing” the currency was used.  Bitcoins could be a possible game changer for terrorism funding because of the anonymity afforded by the currency. While it can be tracked somewhat, the currency can be effectively laundered to any illicit group like ISIS. While groups like ISIS would still need real currency to continue operating, the Pentagon has named digital currencies like Bitcoin as a possible threat because they could be a possible source of revenue for terrorists.

5.  Bitcoins Allow For Easy Scamming 
Bitcoin investment scams are fairly simple and are similar to Ponzi schemes. Investors are told that they can receive unreasonably high yields, but ultimately, they are just dumping money into the scammers wallet. For example, with fake Bitcoin mines, scammers claim to be mining Bitcoins for you for a fee but are in fact just pocketing the fee. There are also Bitcoin wallet scams in which you are seemingly depositing your money into a verified Bitcoin wallet, but all the funds are actually transferred to the scammers at a certain point. The last scam is a Bitcoin exchange in which low exchange rates from turning Bitcoins into currency are offered, but the scammers never deliver on their side of the exchange.

6. Bitcoins Are Currency For Extortionist Hackers  
In February 2016, Hollywood Presbyterian Medical Hospital was hacked and its system held for ransom. With its system being held by hackers, none of the operations could be moved forward. With lives on the line, the hospital could do nothing but comply with the hackers demands: $17,000 in Bitcoins. Although the extortionists have not been identified yet, it is known that one network based in either Russia or Ukraine has generated almost $16.5 million in Bitcoin income from hacking victims in the United States. The extortion payments are usually in the amount of $20,000 and always in Bitcoin.

7. Bitcoins Are Incredibly Easy To Steal
In 2014, the world’s largest Bitcoin exchange, Mt. Gox, filed for bankruptcy after claiming that around 850,000 Bitcoins were stolen by hackers. At the time, the stolen Bitcoins were worth $450 million. Mark Karpeles, the CEO of Mt. Gox, claimed that $27 million in cash was also stolen. This sent troubling shock waves through the community because it exposed how easy it was to steal Bitcoins with very little effort.  With a fair knowledge of hacking, one can easily access Bitcoin exchanges, which was exactly what the still-unknown perpetrators did. Mt. Gox had long been the target of hackers, with 80,000 Bitcoins stolen by hackers before Karpeles took over the company in 2011.

8. Bitcoins Have Created An Entire ‘Mining’ Industry 
Bitcoin “mines” are where complex algorithms are solved and Bitcoins themselves are generated. The majority of these mines are located in China where they are often hidden facilities that operate outside the law. As a result, the operations have to be highly secretive. The Chinese government has not issued a policy for or against Bitcoins, so for the time being, they have been used to generate fortunes for their miners. One facility called Bitbank, which is operated by entrepreneur Chandler Guo, has generated $8 million a year and is considered one of the largest mines in the country. Workers at the facility solve cryptographic problems on computers to authenticate transactions around the world.

9. Bitcoin’s First Major Use Was On The Silk Road
For those unaware of the Silk Road, it served as a way for anonymous Internet buyers to order illegal drugs. Named after the famed trade route between Europe and the Orient, it operated clandestinely from its conception until it was taken down in 2013 after an intensive investigation by various government agencies. One of the keys to the Silk Road’s success was the use of a completely anonymous form of payment: Bitcoin.  Due to the nature of its operations, the Silk Road could only be accessed through the Tor anonymizing network. Once you entered the Silk Road, you could buy drugs from cocaine to LSD along with other items like fake IDs, stolen credit card numbers, and hacking tools.

10. The First Bitcoin Transaction Was For Pizza
On May 18, 2010, Laszlo Hanyecz posted on a forum for Bitcoin: Bitcoin Talk. At the time, Bitcoin was still in its infancy. It was incredibly volatile, and each Bitcoin was worth only a few pennies on the dollar. Hanyecz’s post was for two Papa John’s pizzas that he said he would pay 10,000 bitcoins for. This transaction would go down in Internet history as the first time that Bitcoins were actually used to buy something. If Hanyecz had spent 10,000 Bitcoins in mid-2014 on two pizzas, they would have been worth around $5 million.

Comments

Popular posts from this blog

Add Cool Social Media Sharing icons below posts in Blogger

Change the taste of random looking social sharing button below posts in Blogger, here you can find a different and cool social media sharing widget what I named it Coldblodded! This social sharing widget loads faster than other icon base social shares, it's icons change color with mouse hover with flipping effect, it got the major social media sites share, main color is black colored what looks artistic and attractive.
Coldblodded social media sharing widget offers shares a post to Facebook, Twitter, Google plus, Pinterest and bookmark a post on Delicious, Evernote, Stumble upon, Digg, Blogger, Yahoo bookmarks additional feedburner email subscription. It made with CSS, HTML and icons uses only a piece of image what will draw all icon process calls CSS image transition CSS Sprite, This widget also reduce HTTP request unlike other icon base sharing choices. Will be fit to any kind of Blogger blog, no matter they are professional blogs, gallery or other features sites. Let's see…

How to use Google Font in Blogger post

Your Blogger template’s default fonts are basically Ariel, Georgia, Times, Trebuchet, Helvetica. These fonts are simple and not so attractive. If your blog running with these default fonts may be you will lost some audience, those audience who care about your blog design overall too. But these default fonts can be change easily. There are lots of font provider offers web fonts what can be easily integrate to your site. Google web font is one of best web font provider. In Google font’s collection more than 650+ font with various styles you can find. Using Google font in your post, you can customize your font style more specifically, like font thickness, slant, width, line height, font weight, font script etc. Let’s add Google font in your Blogger, this process is easy and difficulty is beginner. Read on-

How to use/install Google Font in Blogger post
Step 1: Choosing Fonts
Go to Google web font (Here), See demo of font family by Word, Sentence, Paragraph. Use Filter (Left side) for find …

Easily Get 50000 free Backlink for your website

Backlinks are heart of SEO. Without backlink your website will not get a good position in search result and won't get indexed quickly. As you already knew there is two ways you can get backlinks one is Natural linking and another is paid or automated linking. Natural linking is worth to doing and it takes a while but if you don’t have enough time, running a professional business website and need to reach a destination quickly, automated backlinking going to be your last choice. To make automated backlinks you will need to buy paid link package or if you just don’t willing to buy links right now let’s start with free. Here such kind of free backlink maker, free backlink generator listed. And definitively you have a chance to create 50000+ free backlink for your website. But you should also remember Google doesn't like it, I mean Google doesn't recommend it at all. Read on-

+ 50000 free backlink for your websiteIndex kings
Rapid website submitter index kings it will submit y…

How to Auto tweet and Auto post to Facebook your Blogger blog’s post

Letting your social networking fan know about your new published post instantly ‘Auto tweet and auto post to Facebook’ your post is very effective and time saving. For Wordpress - using plugin can solve this auto tweet and auto post job but Blogger doesn’t have option like this. But there is also solution exists. Let’s see what I’m talking about Auto tweet and Auto post to Facebook your blogger blog’s post.


How to Auto tweet and Auto post to Facebook your Blogger’s post

Twitter Feed, does the job easily. All you need to do is set up your blog URL at their service. Here is a quick overview: How to submit you blog at Twitter Feed for Auto tweeting and Auto posting to Facebook your Blog post.

Below walk through steps are written; just read on:-
Open an account at Twitter Feed, confirm your email, and visit dashboard.Click on ‘Create new feed’, you will direct to setup pageIn setup page ‘Name your feed’ and ‘add your source URL’ you’ll be fill up with your site’s feed. Every site has feed…

How to remove 'You may use these Html tags and attributes'

You may use these HTML tags and attributes makes our Wordpress comment box/form noisy, ugly and wired! Some visitor just gets shocked with these messy HTML note tag and attributes using request and don't like to comment in your site anymore. To remove this HTML tag note, all you need to embed a code phrase in to your Wordpress theme. Actually this will not really remove or delete this ugly HTML tag using request from comment form, This CSS code phrase embedding will disallow/disable HTML tag note from Wordpress comment box of your theme.

This code phrase is-

 .form-allowed-tags { display:none; }

How to remove You may use these HTML tags and attributes
I am using Twenty Fourteen Wordpress default theme for this tutorial (actually it will work on any theme because Stylesheet contains all CSS codes and this code just will disallow/hide up this comment HTML note)

Step 1 : Select the theme you use Log in to your Wordpress, From dashboard hover mouse on Appearance menu, Select 'Themes…