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Weird Facts About Block-Chain Technology

You will realize that more and more people have been confused by the bitcoin cryptocurrency. You will note that the popularity of this cryptocurrency has risen in the recent past. You will however find it hard to keep up with the ever evolving technology. This is especially if you are not very knowledgeable on technology. As you read more, you will be able to understand some of the facts about both block-chain and bitcoin.

It is necessary to indicate that the very first bitcoin was meant for pizza. The first transaction that involved the use of bitcoin was aimed at buying two pizzas. This took place in the year 2010. These pizzas were actually bought on the 22nd of May. This day is usually remembered as the Bitcoin Pizza day. You willlearn that these pizzas were priced at about 10000 bitcoins as at that moment. This was translated to about 40 dollars. You will however learn that after a period of about 8 years, the value of these bitcoins has escalated to 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 no particular entity that is in charge of this currency. The regulations will in most cases vary from one 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. He is said to have thrown away a hard drive on which his bitcoin wallet had been installed. He however had to retrieve it after realizing his mistake. You will learn that bitcoin is absolutely transparent. The data is hardly encrypted. Bitcoin is every so often be likened 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. Once solved by a given computer, bitcoins are rewarded.

The network that drives the bitcoin mining process is quite powerful. This power will in most cases be equated to the power produced by a combination of 500 supercomputers. However, refunds are never there. You will hence need to be more careful. It is necessary to indicate that Thailand banned the use of bitcoin as well as other cryptocurrencies in 2013. This ban was however lifted in 2018.

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