5 crazy things that you don't know if you are planning to invest in Bitcoin
updated on:1 Jul 2020
Bitcoin is quite popular term and most of the people want to step into the world of cryptocurrency. If you are among such people and all set to invest in BTC, then you need to read some interesting details about it. Here we have mentioned 5 crazy things that you should know before in Bitcoin. Check out the details below:
Who created BTC?
You should know all about the history of BTC before investing in it. BTC was developed in 2009 by Satoshi Nakamoto. This is really a crazy fact about the person as he disappeared from internet after leaving some clues about this virtual currency. He wanted to be anonymous. Most of the people claimed to be Satoshi Nakamoto after this incident. Satoshi byte is the unit of BTC.
How many BTC are there?
21 million BTC were made by the creator and 16 millions are in circulation.
What happens if you lose BTC wallet or private key?
There are so many things that you should be aware of. You should know that you need digital wallet to store BTC. It is easy to register with it and create your account. You can log into your wallet to check your transactions or balance. You have to store your password or key to access it. You cannot access your wallet without this private key. Sometimes, people lose this private key and this is really a bad thing. If you do not have private key or password, you are no longer allowed to access your wallet and check the balance. Stolen or misplaced keys can be bad for you.
Can transactions be reversed?
Once again, this is important information and you should know all about BTC information. Bank transfer is the most conventional payment form that can be tracked and reversed if it is required, but this is not possible in the case of BTC. It is impossible to recoup the transferred money in case of BTC. You should be careful while sending BTC, so better check the address twice or thrice before proceeding.
How much BTC transactions cost to you?
Well, it costs nothing. There is no middleman, so transactions are free of charge. But, sometimes, you may have to pay a small fee. This is how it works.
There are so many other facts about BTC. You can use this currency to buy some stuff online too. This is highly volatile and many investors have got great ROI. Most of the people are planning to consider it in upcoming years. It would be great to be the part of BTC community. Details of sender and receiver remain hidden as you just use BTC address to make the transactions. This address may be like an alphanumeric string. You cannot guess the receiver with this type of address, so most of the time people conduct transaction without knowing about receiver, so go for it.
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