• Login
  • Register
Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
Nairametrics
No Result
View All Result
Home Markets Cryptos

10 facts you probably don’t know about bitcoin

Segun Olarinmoye by Segun Olarinmoye
November 15, 2017
in Cryptos, Financial Literacy, Markets
Why Bitcoin lost more than $1k in less than a day, 58,468 investors lost $159 million
Share on FacebookShare on TwitterShare on Linkedin

Bitcoins have been generating a buzz over the past few years; smashing records and reaching all time price highs. However, opinion worldwide as to the cryptocurrency’s  level of acceptability is still divided.

Bitcoin was created to provide an alternative to the Banking system. This is because it is an open accounting system that allows thousands of computers from around the world to track ownership of digital tokens – the Bitcoin – as part of a purchase transaction.

Here are facts that I think people should be aware about Bitcoins

RelatedStories

Bitcoin

Hawkish Fed, Israel–Iran conflict cage Bitcoin

June 19, 2025
Bitcoin is now a ‘safe-haven coin’ of the crypto market, Octa broker says 

Bitcoin is now a ‘safe-haven coin’ of the crypto market, Octa broker says 

May 29, 2025
  1. Bitcoin was developed by an anonymous person or group people called Satoshi Nakamoto. In 2016, Craig Wright, an Australian entrepreneur announced in an interview with BBC that he was the inventor of the digital currency though his claim has no verifiable proof.

 

  1. Bitcoins are generated all over the internet by anybody running a free application called a Bitcoin miner. Mining will require a certain amount of work for each coin. This amount is automatically adjusted by the network, such that the Bitcoins are always created at a predictable and limited rate.

 

  1. The money supply for Bitcoins is limited. Only 21 million Bitcoins will ever be created. No one can just print (or mine) more Bitcoins and introduce inflation.Once the number reaches 21 million, no more will be made. There are almost 11,000 Bitcoin nodes presently reachable globally.

 

  1. The smallest unit of a Bitcoin is called a Satoshi – which is a 100 Millionth of a Bitcoin, or 0.00000001.

 

 

  1. Every transaction made on Bitcoin system is recorded. There is a general ledger worldwide that keeps track of all Bitcoin transactions. This ledger is maintained by Blockchain.

 

  1. Every Bitcoin transaction is irreversible. Like cash, once exchanged in a transaction, it cannot be reversed unless the recipient solely decides to return it. This serves as a deterrent for scammers who might want to recall transactions after getting value.

 

 

  1. Vancouver, Canada has the world’s first Bitcoin ATM.

 

  1. Bitcoin transactions are anonymous. You only have a number, but no idea of who the person behind that number is. Payments are made to that number only.

 

 

  1. Bitcoins are stored in wallets. If you lose the wallet, you lose your money. If you opt for a wallet online and the currency in it gets stolen due to a compromised site, there is no insurance for this.

 

  1. Like any currency, Bitcoin is vulnerable to thefts; one of the largest heists in the history of Bitcoin occurred when hackers plundered the illegal bazaar known as Sheep Marketplace. $100 million worth of Bitcoins was stolen from customers.

 

 


Follow us for Breaking News and Market Intelligence.
Tags: BitcoinBitcoin factsExplainers
Segun Olarinmoye

Segun Olarinmoye

Related Posts

Bitcoin
Cryptos

Hawkish Fed, Israel–Iran conflict cage Bitcoin

June 19, 2025
Bitcoin is now a ‘safe-haven coin’ of the crypto market, Octa broker says 
Companies

Bitcoin is now a ‘safe-haven coin’ of the crypto market, Octa broker says 

May 29, 2025
What does liquidity mean in crypto? 
Opinions

What does liquidity mean in crypto? 

May 23, 2025
ETFs, Crypto Market
Cryptos

Bitcoin surges past $104K as markets react to US-China trade progress 

May 11, 2025
Bitcoin investors record losses of over $7 billion in recent market sell-off
Breaking News

Bitcoin reclaims $100K for the first time in three months 

May 8, 2025
Bitcoin
Cryptos

Bitcoin surges past $97,000 amid China’s $138 billion stimulus 

May 7, 2025
Next Post
Here is a run down of the biggest buyers of Nigerian crude

Here is a run down of the biggest buyers of Nigerian crude

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Emple
nlng
first bank
Zenth Bank








DUNS

Recent News

  • MRS hikes petrol price to N925 in Lagos, N955 in Southeast amid global oil price increase 
  • Sovereign Trust Insurance names Abimbola Oguntunde as Board Chairman, highlights industry experience 
  • Ogun Govt warns of more torrential rainfall, urges residents to prepare for floods 

Follow us on social media:

Recent News

MRS slashes pump price to N935 per litre after partnership with Dangote refinery

MRS hikes petrol price to N925 in Lagos, N955 in Southeast amid global oil price increase 

June 22, 2025
Sovereign Trust Insurance names Abimbola Oguntunde as Board Chairman, highlights industry experience 

Sovereign Trust Insurance names Abimbola Oguntunde as Board Chairman, highlights industry experience 

June 22, 2025
  • iOS App
  • Android App
  • Contact Us
  • Home
  • Markets
  • Sectors
  • Economy
  • Business News
  • Financial Literacy
  • Disclaimer
  • Ads Disclaimer
  • Copyright Infringement

© 2025 Nairametrics

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Social Media Auto Publish Powered By : XYZScripts.com
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Login
  • Sign Up

© 2025 Nairametrics