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HomeCryptocurrencyCrypto in Business3 Great Facts About Cryptocurrency

3 Great Facts About Cryptocurrency

Bitcoin is on the rise and becoming well-known as the king of cryptocurrency. You can find the technical and financial facts about Bitcoin absolutely anywhere, but the facts in this article are absolutely mind-blowing. There is certainly a lot to know about Bitcoin, and funnily enough, the factors that are least talked about, such as these ones, are actually the most important.

Whether you’re an expert when it comes to Bitcoin, a complete beginner, or an intermediate, this article is jampacked with awesome facts that are guaranteed to leave you thinking for a long time afterwards! Let’s take a look!

  • Bitcoin mining requires a large amount of power

Bitcoin mining is the process of mining Bitcoin and much to people’s disgust, Bitcoin mining really isn’t very good for the environment. What it essentially does is play the lottery over and over again in a repeated style. The more powerful the computer becomes, the more the Bitcoin mining chances increase.

The bottom line is that this requires a whole lot of electricity, and obviously, this is quite bad for the environment. When it comes to statistics, the monthly consumption of power used for Bitcoin mining is more than what the Republic of Ireland uses in the same amount of time. The generation of C02 is also equal to around 1 million transatlantic flights.

  • Who is Satoshi Nakamoto?

To this current day, nobody actually knows who really created Bitcoin because they used an alias and never revealed their face. However, it is said that Satoshi Nakamoto may have been a 36-year-old Japanese software engineer with a large amount of knowledge. Though some people still think that ‘he’ may in fact be a group of people from the United States who are not even close to being Japanese!

Satoshi Nakamoto is just a pseudonym; however, it has caused a lot of confusion over the years and remains one of the biggest mysteries in the Bitcoin world. No matter who he is, he is now a very wealthy billionaire due to the global sensation that is Bitcoin. Though he may not have much to do with Bitcoin now (supposedly), he is still said to own over 1 million which in today’s world is 30 billion.

  • The FBI owns the biggest Bitcoin wallet in the world

Taking into consideration that Bitcoin is not actually legal in some areas of the world, it is quite amusing to know that the biggest Bitcoin wallet in the whole world actually belongs to the FBI! This all came around out of unfortunate circumstances for others, however, the FBI seemed to reap some quite favourable rewards from it. In September 2013, the FBI managed to seize over 144,000 Bitcoins when they shut down the silk road.

The silk road was an online marketplace for selling drugs. While they may have only seized a small amount in those times, they would have had around 4.32 billion in Bitcoin right now.

If this article left you with thoughts and questions, check out Bitcoin Revolution and in no time, you will be an expert in Bitcoin and other cryptocurrencies.

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