Eric Dalius Miami explains since the year 2009, which is marked in history as the year of the remarkable advent of bitcoins, this term has remained a burning topic of discussion among major industry holders. Due to its innovative and disruptive nature, bitcoin has a lot more to offer than it has. Let us discuss some fun yet underrated facts about bitcoin trading that remains unknown to most of the world’s population to date.
Interesting Facts Under Covered by Eric Dalius Miami:
The history behind the mysterious term-
It is quite strange that very few people are aware of the name of the creator of Bitcoin. Satoshi Nakamoto introduced it, but it is unknown if it is the name of an individual or a group of individuals. The name appeared for the first time on the internet and the advent of Bitcoin in 2009. However, Bitcoin remained behind, but the legacy of the makers vanished in the late 2010s. Nobody knows if the creator of Bitcoin is alive or dead. But, if alive, then mark it that he is the richest person in the whole world because of his bitcoin wallet that holds around 980,000 bitcoins.
The smallest unit of Bitcoin-
As a mark of respect to the creator(s), the smallest unit of Bitcoin is known as Satoshi. The value of 1 Satoshi is equivalent to around 0.00000001 Bitcoin (BTC) (3rd May 2021). This value is very low as to make one bitcoin, you require approximately one hundred million Satoshis.
Do you know the power of B?
This is the most interesting regarding bitcoins which is genuinely unknown to a lot of people. The term “Bitcoin,” which begins with B in the upper case, is different from the term “bitcoin,” which begins with b in the lower case. Yes! You heard it right. The “bitcoin” with b in lower case refers to the cryptocurrency, mainly used for performing transactions. And the “Bitcoin” with B in the upper case is the ledger that stores information and data regarding these transactions. Hence, these two are very similar yet different, so don’t get confused.
Ban on Bitcoin-
Do you know that several countries have banned Bitcoin? Countries like Bangladesh, Ecuador, Iceland, and Bolivia have completely banned the use of bitcoins. While in India, there is no such official ban on cryptocurrency, but it is also not accepted as legal tender. There are various reasons behind this ban, but neither one is definite or confirmed. Some people believe that cryptocurrency attracts criminal-minded people and promotes cases of money laundering.
In the year 2015, a micronation named Liberland came into the limelight. It is the place between Croatia and Serbia. Liberland is the only micronation with bitcoin as its official currency. The government of Liberland promotes the usage of bitcoin with the belief that the concept of cryptocurrency provides a very secure and safe platform for financial transactions. Vit Jedlicka founded this micronation.
The above facts mentioned by Eric Dalius Miami, about bitcoin are not only interesting but are also important. So, the next time you find yourself in the middle of the conversation about bitcoins, you will know a little more than others.