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12 Things You Never Knew About Bitcoin

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Franklin
@dep2001
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Bitcoin is undoubtedly the most popular cryptocurrency on this planet; but there are certain things that average folks don't know about it.

In this article, I want to share with you 12 things you probably never knew about bitcoin:

  1. Bitcoin is decentralized: Unlike traditional currencies, Bitcoin operates on a decentralized network, meaning it is not controlled by any government or financial institution.

  2. Bitcoin is finite: There will only ever be 21 million bitcoins in circulation, which limits the inflationary potential of the currency.

  3. Bitcoin was created as a response to the 2008 financial crisis: The creator of Bitcoin, known only by the pseudonym Satoshi Nakamoto, wrote a white paper in 2008 that outlined a new type of electronic cash to address the problems with the traditional banking system.

  4. Bitcoin is pseudonymous: While transactions can be traced on the public ledger, the identity of the people making the transactions remains hidden behind a string of numbers and letters.

  5. Bitcoin mining: Transactions on the Bitcoin network are verified by a decentralized network of computers, called "miners", who are rewarded with new bitcoins for their efforts.

  6. Bitcoin has real-world uses: In addition to being traded as a speculative asset, Bitcoin can also be used as a form of payment for goods and services.

  7. Bitcoin has faced controversy: Bitcoin has faced criticism for its association with illegal activities, high volatility, and energy consumption.

  8. Bitcoin is widely recognized: Despite the controversies, Bitcoin is widely recognized as a legitimate form of currency by governments and financial institutions around the world.

  9. Bitcoin can be stored in a digital wallet: A digital wallet, such as a software or hardware wallet, is used to store, send, and receive bitcoins.

  10. Bitcoin is divisible: Bitcoins can be divided into smaller units, known as satoshis, allowing for microtransactions.

  11. Bitcoin has a history of price swings: The price of Bitcoin has been known to fluctuate wildly, making it a high-risk investment option.

  12. Bitcoin is just one of many cryptocurrencies: Bitcoin is the original cryptocurrency, but there are now thousands of other digital currencies, each with their own unique features and use cases.

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