Ever since the launch of Bitcoin, the world has been divided on its relevance and importance. But whether you love Bitcoin or hate it, you can’t ignore it. The Indian government and many countries in the world see Bitcoin and other private cryptocurrencies as a fad. There are many legal provisions in place that prevent people from indulging in Bitcoin trading, which puts the Bitcoin Future in jeopardy. One of the main reasons why digital currencies suffer so must distrust and misconceptions are because they are confusing for a layman to understand. If facts about Bitcoin are made more popular then perhaps the negativity that surrounds it will be diminished to a large extent.
Other than that in recent years,Bitcoin has also been used in cyber crimes and online frauds. Criminals use it for money laundering because of the anonymity that it promises.
Here are some facts about Bitcoin that everyone must know:
- Bitcoin is a global currency, and it can be used for transactions around the world.
- Bitcoin does not promise full anonymity and can be investigated for criminal connections, frauds, or cyber-crimes.
- Bitcoin provides high levels of privacy because the blockchain technology is hard to decrypt by hackers.
- Many countries like Russia, China, and Japan accept Bitcoin and other cryptocurrencies as legitimate means of trading. These countries are also making their own digital currency.
- Bitcoin is made by the mining process and is based on blockchain technology.
- Unlike paper money that is unlimited, Bitcoin is limited. There are 21 million Bitcoins that can be mined.
- The identity of Bitcoin’s creators is not known. Its creators go by the pseudonym of Satoshi Nakamoto.
- Bitcoin is the first cryptocurrency and it was launched in 2009, more than 10 years ago.