First launched to the public in 2009, Bitcoin is a type of crypto – or digital – currency. With no physical coins or bills, Bitcoin is a legitimate, decentralized payment system. There is no government control, central bank intervention, or middle-man involved in Bitcoin transactions, making this truly a first-of-its-kind.
As Bitcoin’s total value reaches almost $1 trillion, there is still much that the average citizen does not know about Bitcoin and cryptocurrency in general. In this revolutionary digital global market, what are some details you may not know about this medium of exchange? Let’s explore some things that may surprise you.
1. The interest in Bitcoin continues to grow!
Though many skeptics (especially at first) didn’t think Bitcoin would survive, people the world over are opening their eyes to the potential that it has to offer. As there are now exchanges that don’t require ID verification, purchasing Bitcoin – particularly reliably and safely – has become much more accessible to regular folks. There is no reason that people shouldn’t become ofay with this new realm of the crypto world, one that is going to continue expanding exponentially in the near future.
2. Bitcoin is mined
Did you know that Bitcoin and cryptocurrencies are actually mined using data problems? Though this process is extremely complex, essentially Bitcoin comes from solved maths problems. These problems, which are impossible to achieve by the human mind, are worked out using enormous computing power. This data is then stored into blocks, the fundamental unit of measurement which forms part of the blockchain.
3. Large farms are now mining blockchain
As these problems need incredible collective processing power, large investments are being made into mining blockchain. All around the world, mining farms are being set up in warehouses that are operated and managed 24/7. The future will see a huge increase in mining firm start-ups, as well as multinational farms, so prepare yourself for the rapidly changing of fintech.
4. Mining Bitcoin is extremely energy-intensive
The electricity needed to power the impenetrable computer calculations required to mine new blocks is almost unfathomable. According to the latest research, annual Bitcoin mining is now requiring more energy to run than is demanded by entire countries, such as Argentina, the United Arab Emirates, and the Netherlands. The heat generated by the special mining computer equipment is so extreme that it sometimes requires cooling fans that span the entire length of these blockchain production plants!
5. Have you heard of a blockchain engineer?
Some of the most expert digital specialists known as blockchain engineers are being appointed to set up and maintain blockchain rigs. Understanding and mining blockchain technology is so niche that it requires the minds of the most specialized – those who have intimate knowledge of software development and artificial intelligence.
6. Your computer can now be “cryptojacked”
Even though Bitcoin transactions are secure, cybercriminals have begun cryptojacking unaware victims. Through accessing your computer, cryptojacking malware can allow the hacker to access your computer and illegally mine data from your system. If you are suddenly lacking storage space, are experiencing much slower processing speeds for no reason, or are receiving suspicious messages or pop-ups, find out urgently whether your system is under threat by cybercriminals.
Bitcoin has taken the world by storm and has done very well to retain global interest and high demand since then. Though Bitcoin is not yet understood by the general public, those who are curious should not be afraid to explore this revolutionary cryptocurrency.
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