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Weird Facts About Block-Chain Technology

You will learn that you are not the only one who has been confused by the bitcoin cryptocurrency. You will note that the popularity of this cryptocurrency has risen in the recent past. It is however quite hard to keep up with the ever changing technology. This will mostly happen if you are not quite tech-savvy. As you choose to read on, you will learn a good number of facts that revolve around both bitcoin and blockchain technology.

You will learn that the initial bitcoin was purposed for pizza. The first transaction that involved the use of bitcoin was aimed at buying two pizzas. This was carried out in the year 2010. You will note that these puzzas were actually purchased on the 22nd of May. This day has been acknowledged as the Bitcoin Pizza day. You willlearn that these pizzas were priced at about 10000 bitcoins as at that moment. This was translated to about 40 dollars. However, eight years down the line the value of bitcoins has risen to about 150.7 million dollars. You will learn that there is no solid information that illustrates who is behind or rather in charge of bitcoin. There is no definite entity that has absolute control over this kind of currency. Regulations will actually differ from a given country to another.

You will also learn that there was a man that suffered a loss of 67000 dollars. This took place in the pursuit of a computer upgrade. It was noted that he accidentally threw away a hard drive on which he had earlier installed his bitcoin wallet. However, as soon as he noted his mistake he chose to make sure that he retrieves it. It is important for you to understand that bitcoin is appreciated for its transparency. There is often no encryption on this data. You will realize that bitcoin is usually equated to stock. This goes ahead to show that the changes will often be sudden as well as arbitrary. You will therefore have to keep checking the price changes. Bitcoin will in most cases be created through a process of mining. This process will often be pillared on the verification of transaction before they can be included in the blockchain. A mathematical puzzle will then be created. Once solved by a given computer, bitcoins are rewarded.

The network behind this bitcoin mining process is very powerful. This power is often compared to that of five hundred combined supercomputers. You will learn that no refund is present. You will hence need to be more careful. You will also learn that Thailand banned the use of bitcoin and other cryptocurrencies in 2013. You will however realize that there was a lift on this ban in 2018.