Everything you need to know about bitcoins, the most-raved cryptocurrency

Updated:7 years, 11 months ago

New Delhi, Nov 12 (ANI): The incredible take-off of cryptocurrencies has undoubtedly been the biggest investing story of 2017. While there have been dozens of initial coin offerings (ICOs) and several cryptocurrencies that rose to various levels of prominence this year, but bitcoin remains the undisputed champion. Here are few important and interesting facts to know about the cryptocurrency that swept away the world including the biggest celebs this year. The origin of bitcoin traces back to January 3, 2008. The origin of bitcoin traces back to 2008, when its creator published a proof of concept for bitcoin. The proof was later published to a cryptocurrency mailing list in 2009. Bitcoin creator still goes under the ‘pseudonym’ of Satoshi Nakamoto. Satoshi Nakamoto is the name used by the person who designed bitcoin but there’s still doubt about the real identity. Over the years, many people have been linked with the same, including Nick Szabo, Dorian Nakamoto, Hal Finney, Craig Steven Wright, and others. Some people consider Nakamoto might be a team of people. As of May 2017, Nakamoto is believed to own about 1 million bitcoins with a worth of more than $2 billion.You can spend bitcoins: Largest businesses to accept the cryptocurrency include Expedia, Overstock.com, Newegg and Dish. While it may not seem like it, people continue to use bitcoins to buy stuff. The largest businesses to accept the cryptocurrency include Expedia, Overstock.com, Newegg and Dish. It’s impossible to know the sender, receiver details. Bitcoin addresses are a long string of 34 alphanumeric characters. Using that address, it’s impossible to tell the recipient. Probably, this is the reason why most of the illegal transactions are carried out using bitcoins. To protect the privacy even further, most wallet programs assign the users a portfolio ID, which is also used as a username. Pizza was the first thing purchased using 10,000 bitcoins worth $25. After the first bitcoin transaction took place between Satoshi and Hal Finney in 2009, the first recorded purchase was made for buying pizza worth $25. To do so, 10,000 bitcoins were spent. A bitcoin transfer is irreversible. Transaction of bitcoin cannot be reversed. Unlike popular platforms like PayPal, you don’t get second chances while making a transaction.

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Everything you need to know about bitcoins, the most-raved cryptocurrency

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