If you are exposed to the Internet, you must have heard about bitcoin as it is all over the Internet. It is the top digital currency with a huge market value and massive demand. Everyone wants to buy bitcoin, but only a few of them have proper knowledge about it. You can click on cryptotrader.software to make easy money with bitcoin trading. If you want to enhance your knowledge of bitcoin, there are some crucial facts about it mentioned below.
FBI Holds The Most Bitcoins
With the tremendous market value of bitcoin, which is increasing rapidly, you must have wondered for once that who owns the most bitcoins in the world. There are numerous bitcoin users all over the world, and each one of them has a bitcoin wallet. But you will be shocked to know that FBI owns one of the largest bitcoin wallets in the world. A few years back, the FBI targeted a black-market website known as ‘the Silk Road’ and shut it down.
Most of the transactions that occurred on the platform were done through bitcoins. So, when the FBI ceased it, it acquired all the bitcoins floating on the website, which was over 1.5% of the total bitcoin’s supply in the market. It may be a small portion of the total bitcoin supply, but the fact that it is owned by a single institution is quite amazing.
Private Keys Are The Most Important.
Bitcoins are stored in digital lockers, which are known as bitcoin wallets. These wallets are encrypted and can only be accessed through private keys. Each wallet has a different private key which is a long combination of digits and letters. It enhances the security of your wallet but also increases the risk. Before you start using bitcoins, you must know that private keys enable anyone to access your wallets. In simple words, you need to remember and store the private keys carefully because if you lose the private keys, you will also lose access to your bitcoins that are stored in the wallet.
You must keep that in mind before buying bitcoins as it is an expensive investment, and you would not like to lose it all because of your silly mistake. So, you must store the private key safely and never share it with anyone else. It is quite surprising that over 20% of total bitcoins addresses are ghost addresses which means the users have lost their private keys and bitcoins permanently.
The Only Currency Sent To Space
While some countries are still dreaming of being able to travel to space, bitcoin has done it already. Bitcoin is the first and only currency that went out of the atmosphere of Earth. In 2016, the whole world was shocked when bitcoin was sent to space by a company known as Genesis mining. A paper bitcoin wallet was used to do it as it was tied to a weather balloon which was equipped with a GoPro camera to keep an eye on the progress. Some transactions were also made through the wallet when the balloon was flying at an altitude of 20-34 kilometres.
Bitcoin Transactions Are Free.
There are numerous online payment methods, but no one of them allows the users to make payments free of cost. All the payment methods have some transaction fee that they charge from the users. Bitcoin is a cryptocurrency that allows you to make transactions completely free of cost. There is no financial intermediary involved in bitcoin transactions which makes them free of cost as you need not make any transaction charges. However, if you are using any third-party bitcoin exchange, you may have to pay some charges, but bitcoin charge nothing from the users.
No One Can Impose A Ban On Bitcoins.
Most people think that government has the right to place a ban on the cryptocurrencies like bitcoin, but it is not true. It is an independent cryptocurrency, and no government or authority can ban bitcoins. There are several countries and governments that have tried to ban bitcoin, but all of them have failed. They only make laws and impose restrictions, but it won’t be able to stop the users from trading bitcoins as it is difficult to trace the bitcoin transactions.
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