Overview

06/04/19 02:00 UTC-4

Three Bitcoin puzzles - the creation, circulation of coins and the unknown ending

Three puzzles of digital gold
Three puzzles of digital gold

Over the years of its existence, Bitcoin has become the most popular cryptocurrency in the world. Today BTC is called digital gold, although in fact Bitcoin has become more expensive than an ounce of gold back in 2013.
Our editorial board decided to prepare an interesting fact-finding material for all Bitcoin enthusiasts who want to know more about crypto-gold.

Interesting in the section: Financial geography. How to live for cryptocurrency in Argentina


The riddle of Hal Finney or block №170


The first cryptocurrency transaction in the history of mankind took place on January 12, 2009. The coin that was sent was Bitcoin. Then the first transaction was included in block №170 of the Bitcoin blockchain. Mysterious creator Satoshi Nakamoto sent 10 Bitcoin cryptographer and programmer Hal Finney. "I became the first Bitcoin recipient when Satoshi sent me 10 coins as a regular test. We communicated by email for several days: I wrote to him about bugs, and he corrected them."
Hal Finney, whom many believe is true Satoshi Nakamoto died in 2014. Hal was a popular cryptographer and once developed the first anonymous remailer with encryption. He also wrote a reusable proof of work algorithm. All these facts lead to the idea that Finney was Satoshi. Although the programmer himself in the last years of his life rejected attempts to “impose” the glory of the creator of digital gold.


Tale-dystopia: Bitcoin collapse scenarios and a letter from the future


Mine bitcoin can only be until 2140, since the number of emitted coins is limited. The maximum amount of BTC is 21 million coins. According to research, the last coin will be mined in the fall of 2140. When this fact became widely popular among the masses, horror stories began to appear in the cryptocurrency community. For example, an unofficial list of Bitcoin collapse scenarios was created, as well as cryptic letters from the future.
For example, an unknown user under the nickname Luka_Magnotta on the Reddit website left a strange letter: "I’ve been sending this message since 2025. Here everything looks gloomy, and some of you will carry blood on your hands."

The message says that the price of Bitcoin will rise to one million dollars by 2025, and the world will plunge into chaos and a terrible economic catastrophe because of this. People will kill each other for coins, and all fiat funds completely disappear.

In addition, the network also has an unofficial list of disasters for Bitcoin. According to some programmers and traders, digital gold may disappear or be depreciated in the event of: man-made disaster; blockchain update errors; a huge number of forks; the end of mining; prohibition by the authorities; ASIK capture; Hacking the Bitcoin network.


Lost Bitcoin coins


The highest rate of Bitcoin was recorded in December 2017, when one digital gold coin cost up to $ 20,100. And the biggest drop in the BTC rate was observed in the middle of spring 2013 - then the price of Bitcoin in one day fell by 80%.
By the way, although the rate of Bitcoin is often measured in dollars, the lion's share of conversion transactions occurs in Chinese yuan. Therefore, many argue that the largest number of BTC coins is in China. At the same time, at the moment more than 80% of the total cryptocurrency emission has already been mined. However, it is naive to believe that all coins are in circulation. Of course, part of the BTC is stored in distant boxes of conservative investors who do not exchange coins hoping for a take-off. And one more part was just lost ...

Interesting in the section: Bitcoin Gold coins


This was written by the founder of the Unchained Capital company, Dhruv Bansal, who tried to calculate how many Bitcoins are irretrievably lost along with the wallets of unscrupulous owners.In addition to Bansal, the Chainalysis analytic start-up also engaged in similar calculations. According to the information, at the time of 2018, from 2.78 to 3.79 million BTC were considered lost. According to many, such a large number of lost coins significantly affects the rate, making BTC expensive. But in the long run, this could lead to the collapse of Bitcoin.

Editor: Godfrid Brower

#cryptocurrency #Bitcoin #BTC #SatoshiNakamoto #HalFinney #Bitcoinfuture #Bitcoincrash #lostBTCcoins

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