Going hand in hand with the evolution of the Technology Industry, Bitcoins have now attracted quite a lot of folks from around the world. Not many ordinary Internet users are aware about this entity but in and around internet crime world, esp. dark web and deep web, this digital currency has caught quite an interesting function. Not that it is illegal on its own but Bitcoins have been tagged along with several incidents of online crime, esp. buying illegal products from dark web.
Accounting 460.35 USD per unit, Bitcoin can be considered as the highest valued currency prevailing in the world. This popular type of virtual currency has gradually become popular and one of the tech websites also writes that, "you are now able to pay your tuition fees with Bitcoins for the famous New-Yorker university of The King's College." This pretty much explains the vast popularity of Bitcoin and surely the implications and usage are also vast.
Without delving much into the complicated part of the Bitcoin's history, let's see some of the greatest hidden facts about Bitcoins.
Who Controls Bitcoin
One would obviously think that banking institution will control Bitcoin but that's wrong. But Bitcoin doesn't fall under the jurisdiction of any bank. In fact, Bitcoin is controlled by everyone who uses them.
Availability of Bitcoins
You would think there could be an infinite number of bitcoins but sadly, there are only 21,000,000 coins in existence.
Bitcoins don't have an absolute value
Very much like the paper currency that we use, Bitcoins' value are similarly rated. Different coins have different values. The more popular bitcoin gets, the more value it is going to bring.
You can mine bitcoins
Mining Bitcoin has evidently become very popular these days. This doesn't actually mean mining but to use a computer program to solve mathematical problems to verify various transactions around the world. Bitcoin miners then get paid a certain number of bitcoins for solving those problems.
Bitcoins are held in digital wallets
Digital wallets are an amazing thing and Bitcoins can actually go along with it very well. However, losing a wallet means those bitcoins are lost forever.
You can buy things with bitcoins
It may sound unreal to many but you can actually buy stuffs using Bitcoins. Popular online stores who accept bitcoins include Newegg, Overstock, Microsoft, Dell, and more.
Bitcoin is not really all that anonymous
Bitcoin transactions are conducted anonymously, but that doesn't mean they can't be tracked. The Block Chain logs and displays every Bitcoin transaction in real time, and makes that data available to anyone.
Bitcoin is an independent currency
The value of Bitcoin is absolute in terms of its unchanged value in changing economy. This is why its value is not effected during inflation or recession.