Bitcoin has taken the world by storm after entering our world in 2009. Since then decentralized money in the form of cryptocurrency has boomed. In this article, we will delve through the world of crypto with some interesting facts about cryptocurrencies!
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1. Bitcoin was not the first form of digital currency. The first-ever was Digicash, followed by two others, in the 1980s. None of them survived.
2. Bitcoin is the first successful digital currency formed on the blockchain. It was invented in 2008 and started up in 2009.
3. The blockchain network that Bitcoin is built on, is an amazing decentralized system. Besides cryptocurrencies, the blockchain network is used to create and use many other systems.
4. You can create your own cryptocurrencies and your own blockchains as well. Besides this, you could use an existing blockchain like Ethereum to create a digital currency.
5. The inventor of Bitcoin still remains a mystery. S/he works under a pseudonym, Satoshi Nakamoto. No one is sure if this is a single person, a group of people, or companies working together.
6. Ripple is one of the few cryptocurrencies that works without blockchain technology.
7. The smallest fraction of Bitcoin is known as a satoshi, after its inventor.
8. Bitcoins can either be mined or earned. Although mining has now become a little more difficult, making procuring that much tougher, you can earn Bitcoins through salaries or transactions in exchange for goods and services.
9. Bitcoin does not fall under any institutionalized banking system and cannot be banned. The government can regulate it if required though.
10. There are only twenty-one million Bitcoins in the world available in total. Once these are mined, they will only be available through circulation, investment, or other transactions.
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