Twenty Mind-Bending Secrets About Bitcoin

Twenty amazing, incredible, unbelievably mind-bending secrets few people know about bitcoin. But you will...because that's how you roll.

1. Fun with programmable money

buzzfeed.com

You can program money to include GPS coordinates on your phone that make the money unavailable if your kid leaves the city.

You can also create “treasure hunts” where bitcoins will suddenly be released to you to use if you find yourself in the right place at the right time.

You may also release money by calendar dates – gifting bitcoin money that can’t be used until their 18th birthday or Christmas.

New programs that you think of we don't know about yet!

2. First purchase with bitcoin

Florida resident Laszo Hanyez may go down in history for buying the most expensive pizza ever recorded. He also makes history for making the first significant purchase using bitcoin.

His 10,000 bitcoins used in May of 2010 bought two Papa John’s Pizzas worth about $30 at that time.

Today’s equivalent price is about $5 million.

3. Bitcoins to billions

In 2013 the price of a single bitcoin went from $13 to over $1,000 for an increase over 7,000%.

At that rate, the owner of one bitcoin today would be a millionaire in two years.

And would become a billionaire only 18 months after that.

4. Bitcoin is not alone

Thousands of other digital currencies have been created once bitcoin became popular.

Litecoin, peercoin, dogecoin and many more "Altcoins" can be purchased on various online exchanges.

Thousands of people buy altcoins, hoping the bitcoin lighting strikes twice.

5. World’s fastest supercomputer

The current computing power protecting the Bitcoin network is over 6,000 times more powerful than the top 500 supercomputers of the world combined. And still growing faster.

Super computer power is measured in “petaflops”. One petaflop is equal to one thousand trillion calculations per second.

The bitcoin network can calculate 883,000 petaflops. Much more than the measly 250 petaflops all the rest of the supercomputers can do combined.

It is roughly the equivalent in scale that's the difference between eight sticks of butter verses the largest African Elephant.

6. The amazing bitcoin wallet

The number of possible wallet IDs that can be created are roughly the same amount as atoms that exist on the earth.

You can create as many as you want. They are free.

You can also print your wallet to make a “Paper Wallet” that allows you to store your bitcoin off-line.

7. Everyone in the world can spend bitcoin using their smartphone

digitaltrends.com!PuRBV / Via Bitcoin Magazine

The $25 smartphone is on the way this year from Mozilla.

Digitaltrends.com estimated that in 2014 there will be more cellphones than people on the earth.

Many poor countries just skipped land-line telephones and went straight to cellphones.

Sending digital cash has already proven to lift entire villages out of poverty in Kenya.(Brookings.edu)

This opens up the entire world from which to buy and sell items rather than just a few neighbors.

8. Magic the Gathering and bitcoin

The first big online bitcoin exchange was Mt. Gox. It got its start and name by trading playing cards for “Magic The Gathering Online EXchange.

They once accounted for over 80% of all bitcoin trades.

They started trading bitcoins when they were worth less than a dollar.

It unsurprisingly failed when the world discovered bitcoins were worth more the game playing cards and overwhelmed the tiny company.

Now big finance companies are creating their own exchanges in the US and insuring all accounts.

9. Say goodbye to “Bitcoin” and hello to “Bits”

One full bitcoin is divisible down to eight decimal places.

The bitcoin community has started referring the the sixth decimal point from a full bitcoin by a new name “bits" as the price of a single bitcoin is expected to continue to new highs.

Calling them “nano-dimes” sounded dumb.

At some point, we might be able to sing that song (played on hand drums). “Shave and a haircut.. 2 BITS”

And mean it.

10. Spy Vs Spy. Your bank in a microdot

Future Bitcoin billionaires can include their entire banking bitcoin fortune – in a dot the size of this period.

If you have the proper magnifying device, you can read the account number and password.

Your account is all stored and available to you on the public ledger available anywhere in the world with an Internet connection.

11. Forget money laundering. Your activity is recorded

Every transaction is tracked the Bitcoin public ledger, recorded and shared around the world. The ledger cannot be changed and it’s continually reconciled, verified and protected by bitcoin’s world-wide network.

Every time a bitcoin trades hands, a trail of digital breadcrumbs follows it forever.

You may or may not allow people to know your personal wallet information, so your bitcoin account is as secret as you want it to be.

Once a bad guy's money passes through widely known wallet addresses, it may be traceable back by super-secret organizations if needed. There might be some secret government department that may, or may not, rhyme with Em- essay that might track it down.

12. Gambling once accounted for most transactions

The web gambling site “Satoshidice” once accounted for about half of bitcoin transactions.

Due to murky gambling laws in various jurisdictions, gaming on Satoshidice is currently not allowed from US-based IP addresses.

Provably Fair is a website that was created for people to validate that the odds of gaming software on websites are fair.

Today bitcoin use is spread over several industries in addition to gambling.

13. Watch people trade in their paper money

The website Fiat Leak shows a world map which allows you to see which country is exchanging their native currency for bitcoin in real-time.

The larger the coin floating up – the bigger the dollar amount.

Once you go digital, you don’t go back.

Ask the tape recorder.

14. It might become currency for poorly run countries

Total value of bitcoin measured in US Dollars has surpassed 100 national currencies out of 190.

Some are beginning to ask if it is possible one day to scrap some smaller national currencies that continue to fail- and use bitcoin instead.

15. Bitcoin may be more important than the internet

Several hundred million dollars are projected to be invested into bitcoin company startups by in 2014.

www.coindesk.com/will-bitcoin-venture-capital-investment-reach-300m-2014/

Comparisons of importance are made by experts and scientists daily, who often talk about the importance of how this will affect the world and compare it with the invention of the Internet itself.

Marc Andreessen, who invented Mosaic, the first web browser, is one of many technical professionals who talk about bitcoin in terms of how the Internet and World Wide Web was used by the world back in 1993.

As a reference point, most of the US was using the internet regularly by the year 2000.

16. Watch bitcoin program grow

See the time-lapse representation of the bitcoin code build out. It is assembled at the same time the network grows around the world.

It may not much different than watching the progress of the early internet grow.

www.youtube.com/watch?v=sYJwen53cII

17. Robbing money may become obsolete

New digital wallets will require at least two signatures (passwords) or more to use.

This might include government’s robbery of its own citizens as many countries help themselves to one’s banking funds when they want.

One can require as many signature passwords as you like. Go nuts and require 51 signatures… Imagine the Senate being compelled to reach majority before spending your taxes locked in a public wallet.

18. It can stop identity theft

As making payments with bitcoin is the equivalent of cash, there is no banking information required from a retailer.

The hacker attack at Target, Neiman Marcus, and Michael’s (among a host of others) that stole users banking credit card information wouldn’t have happened if they had only accepted bitcoin payment.

Paying in bitcoin is not a promise to pay. It’s payment in full.

19. No permission required

Over half of the world population have no banking account. They can’t get access to regular loans, credit or checking account. They can’t get permission from the creditors.

Bitcoin doesn’t require a bank account or credit report, and you don’t have to be of legal age for contracts. They can buy and sell in a world-wide market for the first time in their lives. They didn’t need permission from the courts.

One doesn’t need to be a citizen, or have identification or forms to fill out to own it. It requires no government permission.

You are your own bank. No permission required. - Except your significant other. Or your mom.

20. Bitcoin the currency is only the beginning

The Bitcoin network and ledger has features that can also function as a way to store records of ownership, titles, copyrights and trademarks, home and car titles.

It can replace the function of a notary public.

All records are shared and distributed in a central location shared by the entire world copied on thousands or millions of computers.

As the Internet did to the publishing industry, Bitcoin might also may make many other professions obsolete, especially if their job is to simply move money for people.

Bitcoin 2.0 technologies and new start-up companies have already begun.

And there you have it. Now go impress your friends with your new amazing secret knowledge!

For more related information see: bitcoinmagazine.com

You Say Bitcoin Has No Intrinsic Value? Twenty-two Reasons to Think Again

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