Discuss cool facts about bitcoin here
It is well known that there will only be 21 million Bitcoins. However, an estimated 3.7 million Bitcoins have been lost forever, leaving only 17.3 million that can be traded in the market.
Regarding bitcoin circulation, around 19 million bitcoins have already been mined, leaving less than 2 million bitcoins to be mined. After every 210,000 blocks mined (roughly every four years), the block reward given to Bitcoin miners for processing transactions will be cut in half.
Two primary sources of income for bitcoin miners are block rewards and transaction/gas fees. In the long run, once bitcoins are all mined, transaction fees will be more expensive than now to incentivize miners to secure the bitcoin network since there will be no more block rewards.
One thing we can conclude now is that bitcoin won’t be used for micro / nano payments since fees will be super expensive.
Bitcoin is not anonymous but pseudonymous. All transactions are public and traceable, everyone can access transaction details such as transaction amount, sender address, and receiver address. The public just does not know who’s the owner of the address.
Bitcoin is not just a simple currency that represents some value. It is a programmable currency where anyone can write scripts, a list of instructions, that describe how someone can gain access to them.
You can store anything in the bitcoin blockchain, be it images, videos, or even issue digital assets such as NFTs. Unfortunately, it’s just super pricey to do so.
The terms “Bitcoin” with an uppercase “B” and “bitcoin” with a lowercase “B” mean two different things.
B - The former (Bitcoin) refers to the ledger that stores information regarding these transactions.
b - The latter (bitcoin) refers to the cryptocurrency that is used to perform the transactions.
Found this in 10 Things You Didn’t Know About Bitcoin
NOT SURE IF IT’S TRUE … Any suggestion?
One bitcoin is divisible to eight decimal places. The smallest unit of a bitcoin is called a Satoshi, named after its creator.
That is so cool!
Bitcoin consensus algorithm PoW consumes a massive amount of energy. Apart from scalability issues, newer blockchains are moving away from PoW for better environmental sustainability.
On May 22, 2010, Laszlo Hanyecz paid 10,000 BTC for two Papa John’s pizzas – worth about $41 at the time
This was the first commercial Bitcoin transaction and is now commemorated through Bitcoin Pizza day each year.
I think we should commemorate this too
How about the first real bitcoin transaction?