Bitcoin (BTC) is the leader of all cryptocurrencies in today’s market. Yet many people are not fully aware of how it works. Some believe that Bitcoin is a cryptocurrency that can only be used for trading. But understanding Bitcoin will have a positive effect on your mind. You will gain a deeper understanding of the cryptocurrency space where you can generate more returns. So, if you are curious about some exciting facts about BTC, this article is for you. Here are 9 facts you need to know about BTC…
Bitcoin founder is a mysterious legend
If you think that the creator of Bitcoin is known, you are wrong. The first and most important thing you need to know about Bitcoin is that the creator has not yet revealed his identity, as we have also reported as Kriptokoin.com. This is the primary reason why Bitcoin has tremendous value. If the BTC creator had disclosed his identity, perhaps a time would pass in BTC valuation and its value would have been much lower.
The first cryptocurrency in the world
If you thought there was another cryptocurrency on the market before Bitcoin, you need to think again. This is because the cryptocurrency market first started with BTC. Although the concept of the cryptocurrency market is old, BTC was the first cryptocurrencies to exist in the world. This feature made it the first and most important cryptocurrency.
Users control Bitcoin
The main reason Bitcoin has gained so much popularity and support from global companies is that it is centralized. This means that there is no central authority that controls or regulates BTC prices. Bitcoin users have full power. If a great leader of the cryptocurrency world has too many Bitcoins and decides to sell them in the market, there will be more liquidity and prices will crash.
Settlement time 10 minutes
Most people read many scientific articles about Bitcoin and believe that transactions happen within seconds. The BTC ecosystem was developed so that miners can verify the transaction. Regardless of the amount you send or receive, it takes almost 10 minutes.
has no inherent value
Bitcoin’s intrinsic valuation is considered zero because there is no physical trust. It is people’s adoption and companies’ interest that drives Bitcoin to a valuation. However, even if you try to value Bitcoin, it is impossible.
Bitcoin has limited supply
Some people have misinformation about Bitcoin, which they think has an infinite supply. This is because Bitcoin’s market valuation is excellent, and to maintain it, Satoshi Nakamoto has also created a supply gap. Only 21 million BTC will be added and created worldwide. Therefore, the limited supply gives Bitcoin a value.
Bitcoin stands out with its transparency feature
The transparency feature is one of the most important things you will get with Bitcoin. BTC does not have to be completely private as it may disclose transaction details. Transaction details will not go into details about your name or address. None of your payment options will be disclosed, but the address of the transferred Bitcoins, called transparency, will be displayed.
You cannot undo Bitcoin transactions
If you think you sent someone Bitcoin by mistake and you can get it back, you are wrong. There is no return when BTC is sent or received from the account. So yes, Bitcoin has no reverse transaction mechanism. For this reason, you should be very careful when making transactions using BTC. If you make a mistake, your money will not be returned.
Bitcoin transactions are low cost.
The cost of making Bitcoin transactions is quite low. Yes, if you think that trading with BTC has a serious cost, you are wrong. They are banking institutions that cost large sums to process transactions. But BTC doesn’t do that. However, the amount you will pay to make the transaction is close to 0. This is why Bitcoin is popular.
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