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Facts About Blockchain Technology

Blockchain was able to rise to the top of the list due to Bitcoin’s popularity. I can remember many of my acquaintances comparing Blockchain to Bitcoin as if they were one in the same category, but I would inform them of what they meant by the terms. Read more fun Facts About Blockchain Technology!

It was always a source of frustration for me that even knowing the basics concerning Bitcoin and Blockchain enticed people more than knowing about the technology, the intricacies of Blockchain and how Bitcoin function, what exactly is a cryptocurrency, and so on.

I decided to think over these issues myself, and to my delight, discovered some amazing things that I didn’t know before.

Amid a myriad of bizarre facts, some fascinating aspects of Bitcoin and Blockchain have raised my curiosity.

1: 77 billion users use the internet, and 0.5 percent of them are using Blockchain in some way by the time we are writing this.

0.5 percent may seem like a small amount however, it is an average of 18,850,000.

It’s not that small, is it?

2. Blockchains are either public or private.

I’ve always considered them as being public. Everyone has the most well-known examples of public blockchains. These include cryptocurrencies such as Bitcoin, Ethereum, etc. A public blockchain is an unrestricted network. Anyone can download, access or write the protocol to join the network.

In contrast, private blockchains tend to be “invitation-only” networks governed by one entity. These are safer and quicker than the public Blockchain, however. They take longer processing transactions. A good private blockchain example? My ideal answer would be to be Hyperledger.

3. 3. The worldwide Blockchain market is predicted to grow to $20 billion by 2020.

Blockchains are expected to take an enormous $20 billion from the market. They currently dominate the financial industry by 60.5 percent.

Also, read 10 Amazing Facts About Bitcoin

4: If you put down $100 in Bitcoin on July 10, 2010 you’d have $18.8 million as of today.

This must-have awakened the beast of greed that lurks within you. No? Perhaps a more.

Bitcoin plays a significant role in the current state of blockchain technology currently. Bitcoin in its own right, has been growing in steady increments over the years. If you’d invested in it in the right moment it might have seen your value increase with it.

5: Bitcoin price will soon be reduced by half by 12.5 millions to 6.25 million by 2020.

The year 2018 is nearly over. We’re only a few days away from 2019. You have one year to try to get the most value from Bitcoin. Experts predict that Bitcoin’s price is expected to soon be reduced to half.

6. Bitcoins is now at the approximate amount of 17.30 million as of September 2018.

Then why am I telling you this? Despite the mystery of the genesis block, or the unaccounted for and lost Bitcoins, we have around 21 million Bitcoins. And we’ve used 17.30 million of those. What will happen when we hit that number?

7: Miners will surpass 21, the million Bitcoin limit in 2040.

I’m not certain about when it will be. However, I do have an idea of when it may occur. It is possible that we will reach our Bitcoin limit in 2040. It’s a whole year and a decade full of potential possibilities that aren’t known to us as of the present.

8. 8: The Bitcoin Network is more powerful than 500 supercomputers working in tandem.

Are you aware of what the performance of one supercomputer is currently? A single supercomputer can handle more than 200 billion computations within a second. Let me give you a moment to allow that to sink in. Imagine how strong the Bitcoin network could be, with over 500 supercomputers that are working together!

If you’re still unable to catch this Bitcoin activity, do not worry. You’re not alone in this. There are places such as Saudia Arabia, Kyrgyzstan, Morocco, Algeria, Bolivia, Ecuador, Nepal, Bangladesh, and even China that are not in agreement with and are not in favor of any transaction involving Bitcoin.

Ru is an entertainment nerd who likes to spill the beans about what's happening in the entertainment industry. She comes up with well-researched articles so that you can "Netflix and Chill." Come join her as she has a lot to tell her readers.


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