Though introduced to the public nearly 5 years ago, it is only in recent months that the Bitcoin has really started taking the spotlight, with more and more companies, financial experts, and average citizens taking an interest in the electronic currency. But despite the fact that it has been keeping the headlines busy for the past few months, there are still some less known facts about the Bitcoin. Following, we would like to present you with a list we have compiled of the top most amazing facts regarding this electronic currency. Let’s take a look at the countdown.
Over the past year, the Bitcoin has generated more headlines than any other currency in the world. This electronic form of payment has piqued the interest of both financial institution and the general public. Today, we would like to present you with the 5 most amazing facts about Bitcoin. Read below to find out some less known facts about the digital currency.
No. 5: Media – Bitcoin’s savior
A little over a year, Bitcoin operators were starting to worry that their activities might be stunted by local financial departments and cease-and-desist notices. Nonetheless, when the media started picking up and released information that showed how this electronic currency was actually a positive development, both companies that had already begun to use the currency and the future of the Bitcoin itself were saved.
No. 4: It’s one of the safest payment methods in the world
Because of the way the Bitcoin is designed to function, it represents one of the safest methods of online payment. The factors that contribute to this high security include the irreversibility of the transactions, the use of cryptographic signatures and the fact that the account can only be accessed via personal digital keys. As an added plus, the Bitcoin is also good if you want to keep your purchases anonymous.
No. 3: There are no transaction fees or very small if any
Unlike other forms of payment, transactions made using the Bitcoin usually carry very small fees, in many cases none at all. Given the fact that the Bitcoin is an international currency and not one specific for a certain country or area, such transactions don’t come with the fees associated with other currencies. So, even if you live in Australia and you are buying something from the Euro zone, using the Bitcoin will ensure you don’t pay the costs associated with exchanging the money from one currency to another.
No. 2: Theoretically, anyone can produce their own Bitcoins
The process of creating Bitcoins is called mining and it consists of solving various mathematical problems through the use of one’s computer. This process was significantly more common and easier in the early days of the Bitcoin and although it is still possible, it has become increasingly more complex and difficult over the past year. However, if you’re some sort of a math genius, we don’t see what’s stopping you from making your own Bitcoins.
No. 1: You can carry your Bitcoin in your mind
Well, not exactly the currency itself, but pretty close to it. Barry Silber, founder of one the biggest online exchange platform, SecondMarket, came with a concept entitled the Brainwallet. The concept basically entails that a customer can access his or her stash of Bitcoins by using a personal phrase, made up of at least 12 words. While the Bitcoins aren’t exactly stored in the user’s brain, the access mechanism is.
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