Decoding The Bitcoin Story
The value of the digital currency along with its popularity have increased considerably, with millions of people from all around the world buying and selling bitcoin. An analysis on the Upsurge of Bitcoin.
By Josh Wardini of Bitcoinsplay.net
In the year of 2009, Satoshi Nakamoto, the creator of Bitcoin whose identity remains unknown until today, created one of the world’s most advanced payment system, based on an incredibly technology known as the blockchain network. Since then, the value of the digital currency along with its popularity have increased considerably, with millions of people from all around the world buying and selling bitcoin.In this article, backed by a couple of facts from Bitcoin Play , we will outline 10 things that you most likely did not know about the digital currency!
1. How much Satoshi Nakamoto holds
It is estimated that by May 24th of 2017, Satoshi Nakamoto owned around $4.7 billion in bitcoin. As the value has continued to increase, he most likely holds even more now.
2. The number of coins that are in circulation
By the 17th of September it had been estimated that 16.5 million BTC were in circulation. It is important to point out the fat that the maximum can be of 21 million, yet it will take a couple of more years before all coins will be put into circulation. Yet, the 21 million bitcoin limit is thought to expire at some point in time, most likely after 2140.
3. How much bitcoin do the rich hold
The answer is most likely to surprise you. Apparently, the world’s top 1000 bitcoin addresses hold around 34.28% of the total BTC in circulation, hence a few billion dollars.
4. Coins remaining unused
It is estimated that so far, 64% of the coins in circulation have never been used, and chances are that they may never be used. This also accounts for the huge number of coins that people lost access to over the years.
5. The potential of blockchain
Blockchain, which is bitcoin’s underlying system can do a lot more than simply transfer the coin from person A to person B. If adopted by banks, the technology could potentially save the top 10 investment banks around $8-12 billion in a single year.
6. Who holds control
While bitcoin remains decentralized, a worrying factor for many is that Chinese mining pools control around 81% of the network’s collective hash rate, thus giving the region an edge in case an important decision for the network needs to be taken.
7. The halving mystery
Every four years, the number of bitcoin awarded for mining a block halves. After a total of 64 halving processes, the 21 million coins will finally be in circulation.
All bitcoin transactions are fully transparent, and recorded on the blockchain network where they can be seen and analysed by anyone. Luckily, bitcoin doesn’t require users to share much, so no personal information that could be used to identify you is given out.