What Are Bitcoins?
Bitcoin was the first cryptocoin currency ever invented. No one knows exactly who created it –cryptocurrencies are designed for maximum anonymity – but bitcoins first appeared in 2009 from a
developer supposedly named Satoshi Nakamoto.
He has since disappeared and left behind a Bitcoin fortune.
Because Bitcoin was the first cryptocurrency to exist, all digital currencies created since then are
called Altcoins, or alternative coins. Litecoin, Peercoin, Feathercoin, Ethereum and hundreds of other
coins are all Altcoins because they are not Bitcoin.
One of the advantages of Bitcoin is that it can be stored offline on a person's local hardware. That
process is called cold storage and it protects the currency from being taken by others. When the
currency is stored on the internet somewhere (hot storage), there is high risk of it being stolen.
On the flip side, if a person loses access to the hardware that contains the bitcoins, the currency is
simply gone forever. It's estimated that as much as $30 billion in bitcoins have been lost or misplaced
by miners and investors. Nonetheless, Bitcoins remain incredibly popular as the most famous
cryptocurrency over time
How Bitcoins Work ?
Bitcoins are completely virtual coins designed to be 'self-contained' for their value, with no need for
banks to move and store the money. Once you own bitcoins, they behave like physical gold coins: they
possess value and trade just as if they were nuggets of gold in your pocket. You can use your bitcoins
to purchase goods and services online, or you can tuck them away and hope that their value increases
over the years.
Bitcoins are traded from one personal 'wallet' to another. A wallet is a small personal database that
you store on your computer drive (i.e cold storage), on your smartphone, on your tablet, or somewhere
in the cloud (hot storage).
For all intents, bitcoins are forgery-resistant. It is so computationally-intensive to create a
bitcoin, it isn't financially worth it for counterfeiters to manipulate the system.
As of today's date 2074/08/23 1 Bitcoin is worth 17 lakh Nepali Ruppes. But its Illegal in nepal about
10 peoples are aressted during BitTrade
SOME OF THE FACTS RELATED TO BITCOINS:
1)Bitcoins Network is powerful then 500 supercomputer put together2)By May 24th of 2017 Nakamoto was believed to own $4.7 BILLION in bitcoin worth
3)64% of bitcoins have never been used and might never be used.
4)FBI owns 4% of the world's bitcoins where Nakamoto owns 5%
5)Nakowa won 11,000 BTC on a gambling site (worth 185 M on 2017 DEC 8)
6)James Howell lost 7,500 BTC by throwing his hard drive which amounted to 125M
7)Refunds are not possible on bitcoin transaction . In 2016 a bitcoiner accidently sent $137,000
instead of $5
8)21M BTC limit is expected to expire in 2140
9)Alphabay phiser and Phishkingz made $1 in 14 month by stealing BTC
10)By Octuber of 2017, there were 1,587 Bitcoin ATM's World Wide in 55 countries
11)CAmeron and Tyler Winklevoss (who sued Mark Zukerberg over the founding of facebook) are the Twin Bitcoin Billioners.
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