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Blockchain Semantics Blog Lesser known facts about Blockchain and Bitcoin

Lesser known facts about Blockchain and Bitcoin

By Divya Singh | April 5, 2018, 6:37 a.m. GMT

Blockchain as a technology is too new for you to trust free resource in form of web pages. There are various Blockchain tutorials available online, but it is very important that you choose the right one. I have myself come across resources that wrongly explain nuanced aspects of the concept.

For example, in one of the episodes of the popular podcast Let’s Talk Crypto one of the suggested ways of keeping your cryptocurrency safe is committing your private key to memory. We believe that’s risky and not advisable, at all. How many web resources we have seen that do a really confusing job of Proof of Work vs. Proof of Stake? Too many to count!

Don’t worry, no more lectures on what is Blockchain and what is its impact? I will share a few facts that most of us have never focused on. You can use them to wow your friends or look impressive over the coffee breaks or over dinner conversation .

  • FBI is world’s wealthiest Bitcoin operators after seizing Silk Road. Currently, FBI has 1.5% of world’s Bitcoin

  • Bitcoin and bitcoin refer to 2 different things; “Bitcoin” refers to the Bitcoin Ledger while “bitcoin” refers to a unit of account on Bitcoin Ledger

  • According to Accenture report in 2017, Blockchain can reduce 30% of bank’s Investment in Infrastructure

  • The three consensus algorithm used to ensure the validity of data hosted on Blockchain are susceptible to threats: 1) Proof-of-work is susceptible to “51% attack” 2) Proof-of-Stake to “nothing at stake” and 3)PBFT to “Cartel attacks”. So in effect blockchain is really not that ‘immutable’ as people say.

  • Bitcoin Miners produce 450 thousand trillion calculations per second to extract bitcoin. In the US- every Bitcoin mining costs around $6 in electricity bill.

  • Smart Contracts- is actually not a contract, it is a program or code that specifies roles and responsibilities of the parties to a contract

  • 69% of Banks in the world are now experimenting with Blockchain

  • Nakowa- the legendary High Roller won 11,000 bitcoins on, An European Cybercasino offering games to set against bitcoins in 2013. But his journey was not very lucky, he lost most of them in his further bets!!

  • Did you read the blog about Cryptocurrency ATM’s, if not do read; There are around 1400 Cryptocurrency ATM’s in the US

  • The first real-life use of Bitcoin was for buying a “pizza”, yes that’s true, Laszlo Hanyecz a programmer from Florida, gave 10,000 bitcoins to buy 2 pizza.

  • Hard fork is used to “Update Blockchain software”-A hard fork is a permanent divergence from the previous version of the Blockchain.

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