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Author Topic: Bitcoin Trivia: PAST and FUTURE  (Read 118 times)
qwertysungit
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March 03, 2018, 01:33:49 PM
Last edit: March 03, 2018, 03:28:09 PM by qwertysungit
Merited by BrewMaster (1), johnine (1), ejarales (1)
 #1

Do you know that in the early years of Bitcoin more than 9 out of 10 financial experts in the world recognized it as an absolutely hopeless means of payment? However, for almost 10 years this cryptocurrency continues not only to improve constantly, but also to beat new records for its value. But if to think about it, what interesting things do we know about Bitcoin?

Bitcoin appeared in 2008 and its creator is Satoshi Nakamoto. Interestingly that it is still unknown who is this person, or a group of mysterious experts. The most likely version is that the creator of this cryptocurrency is an American of Japanese origin whose name is Dorian Nakamoto, but actually this option has not received reliable evidence.

As you know, the maximum number of Bitcoins is limited to 21 million coins. For today more than half of this number has been produced - the algorithm for the extraction is becoming more and more complex and reduces the total number of created coins every few years. It is believed that the last Bitcoin will be mined only in 2140.

The first million of BTC was mined by Satoshi Nakamoto and many experts think that it still belongs to him. Many curious users are trying to find the purses of Nakamoto to get on the trail of its creator, but no-one has managed to do this.

Only 36% of all Bitcoin coins was marked in any transactions and payment transactions. All the remaining coins, about 64% of their total number have never been used. Users are likely holding them with the expectation of an even greater increase in BTC cost.

Of course, these are not all the interesting facts about cryptocurrency and bitcoin! Throughout the history of the existence of this cryptocurrency there was still a huge number of significant and interesting events!

And maybe you can add to these facts something interesting? Waiting for your stories in the comments!
Transactions must be included in a block to be properly completed. When you send a transaction, it is broadcast to miners. Miners can then optionally include it in their next blocks. Miners will be more inclined to include your transaction if it has a higher transaction fee.
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March 03, 2018, 02:19:28 PM
 #2

good topic but needs a bit of  correction IMO!

It is believed that the last Bitcoin will be mined only in 2140.
it is not believed, it is mathematically so.

Quote
The first million of BTC was mined by Satoshi Nakamoto
this is misleading or at least it is best to say it in a different way. saying it like that may lead some people into thinking bitcoin had some sort of premine which is obviously wrong.

the correct statement is that some people speculate that Satoshi owns somewhere around 1 million coins which he gained from mining a lot of the blocks in first months of bitcoin's release.

we don't know who else was mining, Hal Finney might have been someone who mined some blocks, there were others who might have been interested in the project and "test mined" some blocks,... which means so many of the first 20000+ blocks might have been mined by people other than Satoshi (1 mil / 50BTC reward = 20000 blocks)

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Only 36% of all Bitcoin coins was marked in any transactions and payment transactions. All the remaining coins, about 64% of their total number have never been used. Users are likely holding them with the expectation of an even greater increase in BTC cost.

this is very interesting. you are saying about 6 million bitcoins are in circulation while about 10.8 million are never moved!
do you have any reference for these numbers?

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March 03, 2018, 03:21:39 PM
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The bitcoin pizza should also be given props too. It just goes to show how little people value bitcoin back then and it is also the first publicized transaction that proves bitcoin can be used as a form of payment if anybody is willing to accept it. Another thing is a flaw in the code which enabled a user to create millions of bitcoin for himself and that was in 2011 or 2012 if I'm not mistaken. You can also tag the first bitcoin faucet created by Gavin Andresen which gives 5BTC per claim just to spread the word out about bitcoin.

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March 03, 2018, 03:44:58 PM
Merited by BrewMaster (1)
 #4

Something that are frequently forgotten is that Bitcoin was the first technology that solved the Byzantine Generals' Problem.

I will let Satoshi explain this to you.  Grin --> http://www.mail-archive.com/cryptography@metzdowd.com/msg09997.html

Here is some proof of this --> https://socrates1024.s3.amazonaws.com/consensus.pdf  This is one of it's greatest

accomplishments, but people quickly forget about this.  Sad

 
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