Bitcoin is a globally acceptable cryptocurrency and it is the leading cryptocurrency today in terms of popularity and price. The bitcoin price rose as high as $20,000 in 2017 and this further increased the interest of people in this very special cryptocurrency. Bitcoin has become globally popular and it is known by virtually everyone on the globe. Even the most uninformed of women have at least a vague idea of bitcoin. Be that as it may, some facts remain unknown about bitcoin. In this write-up, we will show you some of these very important facts.
The power of a bug
An error led to the development of a bug that created up to 184 million bitcoins in 2010, the highest number ever created. Many newcomers never knew of this fact. It happened on the 15th August 2010 and it was referred to as the “Value overflow incident”. The bug used block 74638 in the blockchain and transaction was created for three different bitcoin addresses. This means that two of the addresses collected 92.2 million BTC. The miner responsible for solving this particular puzzle got a reward of 0.01 BTC, which never existed before this bug incident.
The incident also led to the release of a corrective version of the blockchain by Satoshi Nakomoto. This caused the blockchain to reject the offending block.
Bitcoin less than 21 million
The total number of bitcoin that will ever be created on the earth is 21 million and this can regular bitcoin price. Bitcoin creation is still ongoing, which means that the total number of bitcoin already created is not up to 21 million yet. The total number of bitcoin already created is very close to this number as it is already above 20 million BTC. Consequently, the mining of bitcoin will soon stop and people will have to transact using only the 20 million bitcoin available in circulation.
Bitcoin has smaller units
The availability of smaller units of bitcoin makes bitcoin transaction a lot easier. The smaller unit of bitcoin is called satoshi and 1 satoshi is equivalent to 0.00000001. Consequently, you need to have 100,000,000 satoshis before you can get 1 bitcoin. 1 satoshi is equivalent to 1000 MSAT.