You might have heard of Bitcoin by name, but how much do you truly know about it? For those not in the know, this is a digital payment system that allows people to make transactions between one another directly. In other words, Bitcoin doesn't require a middleman. With this information in mind, here are 4 more intriguing facts about the payment system in question, courtesy of financial authorities such as Bob Jain.
Satoshi Nakamoto is the individual that's been said to be responsible for the creation of Bitcoin. If you tried to find a picture of him online, though, you might have come up with few to no results. The reason for this is that, simply put, no one knows who exactly Nakamoto is. The name in question has been attributed to individuals and groups alike. There have been rumors regarding his past, too. Despite attempts made to uncover the creator's identity, little information has been found.
Also, if you tried to figure out how much a single bitcoin is worth in US dollars, you might come up with a solid answer. The reason for this - and names like Robert Jain will say the same - is that bitcoins don't have a set value. Instead, their value increases or decreases over the course of time. For instance, if it's largely accepted that this digital currency can be used to make purchases like with traditional currency, its worth will rise.
What are some of the ways that one can get their hands on bitcoins, you may wonder? Believe it or not, there are different websites that allow people to trade the money they have for the digital currency in question. Bitcoins will be provided at the exchange rate at the time. You might also be able to gain bitcoins in other ways, but this seems to be the easiest method, especially for those that are unfamiliar with said currency to begin with.
Finally - and this might be the most important fact to know - bitcoins cannot be easily recovered when lost. For those not in the know, this digital currency is held in digital wallets, which can be used to check balances like bank accounts. However, if the wallets in question are lost, so are the bitcoins they hold. Given the fact that every coin comes with its own unique code, it's no wonder why caution is stressed to holders.
Satoshi Nakamoto is the individual that's been said to be responsible for the creation of Bitcoin. If you tried to find a picture of him online, though, you might have come up with few to no results. The reason for this is that, simply put, no one knows who exactly Nakamoto is. The name in question has been attributed to individuals and groups alike. There have been rumors regarding his past, too. Despite attempts made to uncover the creator's identity, little information has been found.
Also, if you tried to figure out how much a single bitcoin is worth in US dollars, you might come up with a solid answer. The reason for this - and names like Robert Jain will say the same - is that bitcoins don't have a set value. Instead, their value increases or decreases over the course of time. For instance, if it's largely accepted that this digital currency can be used to make purchases like with traditional currency, its worth will rise.
What are some of the ways that one can get their hands on bitcoins, you may wonder? Believe it or not, there are different websites that allow people to trade the money they have for the digital currency in question. Bitcoins will be provided at the exchange rate at the time. You might also be able to gain bitcoins in other ways, but this seems to be the easiest method, especially for those that are unfamiliar with said currency to begin with.
Finally - and this might be the most important fact to know - bitcoins cannot be easily recovered when lost. For those not in the know, this digital currency is held in digital wallets, which can be used to check balances like bank accounts. However, if the wallets in question are lost, so are the bitcoins they hold. Given the fact that every coin comes with its own unique code, it's no wonder why caution is stressed to holders.
