1๏ธโฃThe total amount of bitcoins is limited
An interesting bitcoin fact is that when the protocol for the bitcoin network was set up, the limit was set at 21 million coins. As a result, at some point, no more new bitcoins can be created by cryptocurrency miners.
When you help complete transactions on the bitcoin blockchain, youโre said to be bitcoinย miningย by using computing power through a process known as proof of work.ย You can receive a reward for mining bitcoin in the form of the digital currency itself.
The reward halves every 210,000 blocks, which has worked out to about every four years. As of September 2022, the total number of circulating bitcoin is 19.15 million. This leaves a few million bitcoin yet to be mined, which is part of why mining remains a popular activity.
2๏ธโฃOne man wants to excavate a landfill to get his digital wallet back
In 2013, James Howells, who lives in Wales, U.K., threw out a hard drive with 7,500 bitcoins on it. When he realized how much the value of Bitcoin had shot up in recent years, he went looking for the drive. Now, heโs trying to get his local city council to allow him to excavate the landfill in an attempt to find the drive. Heโs claiming to offer a portion of the proceeds if the city allows him to look through the trash.
3๏ธโฃEthereum fees are referred to as gas
When using the ethereum blockchain to complete transactions, youโre required to pay for gas. On the ethereum network, gas represents the computational effort used to complete the transaction.
Using the network for apps or transactions, even if itโs converting another coin to ether, means you need to pay for gas. Depending on the transaction and traffic on the blockchain, gas fees can feel quite high in some cases.
4๏ธโฃThe creator (or creators) of bitcoin remains anonymous
Bitcoin is widely credited as being created by Satoshi Nakamoto, a pseudonym that isn't connected to a real person. However, the paper that talked about the protocol was released through a cryptography mailing list and the actual author remains anonymous.
There is a lot of speculation about the identity of Satoshi Nakamoto, but no one knows who he is. No one even knows if they're one person or a group of people.
5๏ธโฃSome countries ban cryptocurrencies
Not every country allows the use of cryptocurrencies. Some countries, like Turkey, donโt allow cryptocurrency payments, while others, like Nigeria, ban cryptocurrency exchanges. One of the most significant bans, though, is Chinaโs ban on financial institutions from providing services related to cryptocurrency transactions in 2021.
Itโs practically impossible to actually ban the use of cryptocurrencies, even though countries can regulate access to service providers and shut down exchanges. But with one of the worldโs largest economies coming out against cryptocurrencies, itโs hard to say how things will change in the future.
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