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Weird Facts About Block-Chain Technology

You will realize that more and more people have been confused by the bitcoin cryptocurrency. You will note that the popularity of this cryptocurrency has risen in the recent past. You will however find it hard to keep up with the ever evolving technology. This is especially if you are not very knowledgeable on technology. As you read more, you will get the chance to learn a number of facts about both bitcoin and blockchain technology.

You will learn that the initial bitcoin was actually meant for pizza. This initial transaction aimed at purchasing two pizzas. This took place in the year 2010. These pizzas were actually bought on the 22nd of May. This day is usually remembered 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. You will however learn that after a period of about 8 years, the value of these bitcoins has escalated to over 150.7 million dollars. You will also realize that there is no clear information on who controls this cryptocurrency. There is no definite entity that has absolute control over this kind of currency. Regulations will also vary from one country to another.

It is also important you to be reminded that there was a man who lost about 67000 US dollars. This took place in the pursuit of a computer upgrade. He threw away a hard drive on which he had installed his wallet. However, upon realizing his mistake, he chose to pursue its retrieval. You will learn that bitcoin is absolutely transparent. The data is hardly encrypted. 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 hence find it necessary to ensure that you keep checking any price changes. You will learn that bitcoin will in most cases be created through the process of mining. This process will often take into account the verification of transactions before their addition to the blockchain. A mathematical puzzle will then be created. Bitcoins will then be given once a computer solves it.

You will note that the bitcoin mining process is premised on a powerful network. This power is often compared to that of five hundred combined supercomputers. You will learn that no refund is present. You will therefore need to be quite careful. It is necessary to indicate that Thailand banned the use of bitcoin as well as other cryptocurrencies in 2013. You will however realize that there was a lift on this ban in 2018.