Bitcoin has been around for quite a while, and yet it seems to be a dark horse; not many people know much about it! Indeed those who don’t use the cryptocurrency don’t know too much about it, but do users even know that much about it? It seems unlikely, especially when the digital cash alternative is modified and changed all of the time! Here are six things you didn’t know about Bitcoin.

 

No one knows who developed Bitcoin

Well, that’s not exactly true. We are aware that Bitcoin was designed by a figure that goes by the name of Satoshi Nakamoto. However, no one knows who this figure is! We don’t know if it’s one person, a duo, or a whole group of people. We don’t know if it’s a man, a woman, a young person or an old person- all we can conclude is that they’re sat in a mansion upon their mega millions right now, enjoying a rather luxurious lifestyle! (So we guess, anyway!)

 

The number of people using Bitcoin is growing

At the end of the year, there were 12.7 million Bitcoin wallets in action. This isn’t an exact representation of how many people are using Bitcoin because it’s quite the norm for Bitcoin users to have a number of wallets on the go. However, it does show just how popular Bitcoin has become, and that its popularity is continuing to grow too.

 

You can get Bitcoins in a multitude of ways

That’s right; you can obtain Bitcoins in two different ways! You can either purchase them via various Bitcoin exchanges, or you can mine them yourself. While buying them is definitely the easier alternative of the two, mining could bring on a whole new hobby for you!

 

You can be paid in Bitcoins

Although Bitcoin is not the primary source of money anywhere right now, there are actually some jobs that pay you in Bitcoins- most of them are freelance jobs within the Bitcoin industry. However, it probably won’t be long before more and more online-based or digital jobs are paying out to their employees in Bitcoins too.

 

There’s no government involved

There is no government, bank or any kind of ‘authority’ figure participating in Bitcoin transactions, making it what’s known as a ‘decentralized currency.’ This is nothing but advantageous, given that without the government’s involvement, sales can happen instantly and without any major fees for the person making the payment or the person/business receiving the payment.

 

Every transaction is visible to the public

While individuals all stay anonymous, every purchase ever made using Bitcoins, by anyone, is visible to every single member of the public, thanks to a bit of secure coding known as a blockchain. This is what makes Bitcoin so reliable and trustworthy as a source of payment; being able to track every transaction means that you can always check to see if a payment actually happened in cases of a dispute.

 

 
 

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