What are the unrevealed facts about Bitcoin?

Over the last week, Bitcoin has increased by 8.34%, marking a surge of 50% in the last month and a staggering 50% growth in the last year, as per CoinMarketCap. It has surpassed its previous ATH levels, rising by almost more than 4.5% in the last 24 hours, at the time while writing this article. While Bitcoin’s technology is undoubtedly impressive, perhaps the real secret of Bitcoin is that it works flawlessly with our flawed human nature. However, there is much more to Bitcoin than meets the eye. In this article, we have provided a collection of Bitcoin facts to give readers a deeper insight into the fascinating Bitcoin world.

Bitcoin cannot be mined indefinitely 

Bitcoin’s supply is limited to 21,000,000 BTC tokens, as determined by the source codes on the Bitcoin network, programmed by its unknown creator or creators, Satoshi Nakamoto. The supply of Bitcoin cannot be changed. Once all the BTC tokens are mined, the amount of Bitcoin in circulation will be fixed permanently at that particular level. The implication of approaching and reaching the supply cap of Bitcoin is that mining will become less profitable even though Bitcoin miners will be rewarded. Even after reaching the supply cap, it will be only done through transaction fees and the newly minted BTC tokens. Since its launch, almost 90% of Bitcoin, or 19 million BTC tokens, have been mined.

Backing of high-profile supporters

Bitcoin has a solid status as the world‘s most prominent and largest cryptocurrency for various reasons, including the support of high-profile Bitcoin users known for holding huge amounts of BTC tokens. Among them, Elon Musk is the most widely recognized Bitcoin investor and a fervent advocate of other cryptocurrencies like Dogecoin. He extends his endorsements to different digital currencies, some of which are categorized as meme tokens. Many estimates suggest that the combined BTC holdings of Elon Musk and all his companies currently surpass $1 billion, projecting the significant trust and confidence he and his major enterprises have in Bitcoin’s decentralized finance.

Cameron and Tyler Winklevoss, the popular identical twins involved in the development of Facebook, are also significant investors in Bitcoin. They have been the early adopters of the cryptocurrency and have invested a significant portion of their settlement from Facebook into Bitcoin investments. Other top Bitcoin investors who have invested hefty amounts and have contributed to the growth of Bitcoin include the founder of Digital Currency Group, Barry Silbert, the CEO of MicroStrategy, Michael Saylor, and the founder of Galaxy Digital Holdings, Michael Novogratz.

The creator of Bitcoin remains a mystery

The first BTC token was mined in January 2009 by an unknown developer or a team of developers known as Satoshi Nakamoto, recognized as the pseudonym who created Bitcoin. The invisible developer or the team whose technological development has influenced the world has remained unknown for many years. Satoshi Nakamoto was also a familiar name among crypto enthusiasts like hackers and computer scientists before Bitcoin’s boom.

An unknown person had posted on different online boards and sent emails to fellow developers under the given name years prior. Although it is still unconfirmed, people wildly suspect that the person or team behind the pseudonym was responsible for those messages. Much before the first Bitcoin mining took place, Satoshi Nakamoto published a white paper, entitled Bitcoin: A Peer-To-Peer Electronic Cash System, on 31 October 2008, outlining a cryptographically secure, decentralized peer-to-peer protocol. Nakamoto also described Bitcoin in that white paper as a “purely peer-to-peer version of electronic cash” that allows online payments to be transferred directly from one party to another without any intermediary or financial institution.

DeFi and gambling have helped Bitcoin grow

Decentralized finance (DeFi) and gambling have so far been the key factor in the growth of Bitcoin. More gamblers are coming together to join Bitcoin casinos and play their favorite games. Bitcoin gambling offers various advantages, typically faster transactions and lower fees, eliminating the need for any traditional financial institution or government to act as an intermediary. This epitomizes the beauty of decentralized finance in Bitcoin gambling. Many studies indicate one-third of the total money wagered in online casinos is in Bitcoin, while plenty of evidence suggests that the online gambling sector constitutes a larger share of BTC transactions than any other industry.

Wrapping up

The rising popularity of Bitcoin has been influenced by several factors that have made its growth and inception fascinating to monitor. Players are still unaware of the true nature and facts of Bitcoin, but as the crypto continues its trajectory, many more quirky and intriguing facts will emerge in the eyes of the world. Although purchasing and using Bitcoin is quite complex, especially for beginners in the crypto world, several investors and gamblers participate in Bitcoin platforms. However, it is important to note that as with any form of gambling and investments, Bitcoin players and investors must carefully consider before joining between casinos or investment platforms.

David Cox

David is a finance graduate and crypto enthusiast. He projects his expertise in subjects like crypto and Blockchain while writing for CryptoNewsZ. Being from Finance background, he efficiently writes Price Analysis. Apart from writing, he actively nurtures hobbies like sports and movies.

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