5 unknown facts about Bitcoin

When Bitcoin reached an all-time high of $19,700 on December 2017, it did turn a lot of heads. Folks who had invested in Bitcoins since the beginning became millionaires and billionaires overnight. A lot of people became Bitcoin investors and traders. A lot still stayed ignorant of all these happenings. Let us take a look at 5 interesting facts about Bitcoins.

  1. A hacker generated about 184 billion Bitcoins in 2010

In a singular incident on the 15th of August, 2010, called the ‘value overflow incident’, an unknown hacker attacked the bitcoin blockchain and created about 184 billion Bitcoins out of thin air, The block height was 74638 at that time. The creator of Bitcoin Satoshi Nakamoto quickly responded to the occasion and released version 0.3.1 within 5 hours. This prevented the future printing of Bitcoins through this method. Those Bitcoins were also erased. the chain that generated from BTC version 0.3.1 also became the dominant blockchain that is used by everyone today.

  1. Bitcoin can be linked directly or indirectly to about 436 other cryptocurrencies

There are more than 2500 cryptocurrencies in the market today. Out of these, about 436 have originated from Bitcoins directly or indirectly. The forks of Bitcoins have tried to match up to Bitcoins but have not succeeded on any occasion. The most prominent example of this is Bitcoin cash.

Just like 2017, Bitcoins have again become the centre of attraction for every large trader in the world. You can start investing in the same. If you are new to trading in Forex and cryptocurrencies, you should start with a platform that can get you pre-coded algorithms that earns you good profits. One such platform is iTrader. The iTrader review 2019 can help you offer good insights about the platform.

  1. Bitcoin Faucet distributed 5 Bitcoins per visitor

The Bitcoin faucet is a reward system and is available in the form of a website or an app and dispenses rewards as a hundredth of a millionth Bitcoin, which visitors can claim in exchange for completing a task or captcha in the website. the first Bitcoin faucet was created in June 2010 and distributed generous 5 Bitcoins to every user. this was mainly to promote the use and adoption of Bitcoins.

  1. About 733,000 addresses own a Bitcoin

There are about 732,982 addresses that hold more than 1 Bitcoin. Compared to the 20 million known addresses, there are only a few numbers of whole Bitcoin owners. The top 10 addresses are accumulating a large number of Bitcoins and they seem to be considering that Bitcoins would have a large store of value in the future. Only a few of these accounts show outflows.

  1. Satoshi is not the smallest unit of Bitcoin

Many people think that Satoshi is the smallest unit of Bitcoin as it equals a hundredth of a millionth of a Bitcoin. There is a smaller unit that is used in the Lightning Network, the smallest unit is milliSatoshi which is a thousandth of Satoshi.