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10 Things you probably did not know about Bitcoin

1 .  Naming small amounts of Bitcoin

The name for the smallest unit of bitcoin a satoshi and Bitcoin have been around since pretty much the beginning. However the names for the other denominations can be traced back to a couple posts on a little known Bitcoin forum, Bitcointalk.org. A member put out a 5btc (about 30$ at the time) prize to who submitted the best name for the denomination .001btc. MilliBit was chosen as the winner by a landslide of 15 votes. The name seemed to stick, immediately following the competition a couple members got together and created the ones we are still use to today,  posting it to the bitcoin wiki standardizing the names forever.

    1. https://bitcointalk.org/index.php?topic=8282.0
    2. (the winner) https://bitcointalk.org/index.php?topic=8282.msg136944#msg136944
    3. https://en.bitcoin.it/w/index.php?title=Units&diff=8053&oldid=8049

 

2 . Only two transactions a second

Bitcoin can’t handle the big time. The transaction per second is still really low, and increasing the transactions means an increase in resources. The theoretical maximum at the current blockchain size (1mb) is 7 transactions per second. But recent stress testing showed that the average is closer to 2-3 transactions a second. The stress testing this last spring, showed that not only was it easy to delay the system, but at the current prices it only costs about 4000$ to slow most transactions down by a couple hour. This does not mean bitcoin does not work or is unsecure. It simply means transactions are not secure until you get 3+ confirmations, which could take hours. The normal instant transactions are just not reliable.

    1. https://en.bitcoin.it/wiki/Maximum_transaction_rate
    2. https://bitcoinschannel.wordpress.com/2015/05/30/bitcoin-stress-test-reveals-frightening-results/

 

3 . You don’t need to be online to send BTC

Bitcoin Transactions don’t require the internet. This is true, however you do have to get on the internet for the rest of the bitcoin network to know. It’s like writing a check, as long as there is money in the account, you can withdraw it to the account listed on the check anytime. Or even sign it over to someone else’s account.

 

4 . Using Bitcoin is not anonymous

You can get in trouble for Selling OR Buying illegal goods with Bitcoin. Common use of Bitcoin is not anonymous at all. Just spend a few min on blockchain.info, watching the transactions go by. People like Danno Ferrin and other blockchain forensics specialist or data experts can turn out hard people from those digital addresses. Coinbase and other bitcoin exchanges are known to watch for *bad or black addresses and later auto close accounts that have anything todo with them. On top of that the blockchain is forever. Cash transactions happen and then they are gone (unless you record it).

    1. https://blockchain.info/
    2. https://twitter.com/shemnon
    3. https://www.reddit.com/r/Bitcoin/comments/3257u2/coinbase_just_kicked_me_out_looking_for/

 

5 . More addresses than Grains of sand

How many bitcoin address are there? Simply put a lot, even more then if you counted 1 number each second for the rest of the existence of the universe.

    1. 2^160 is 1,461,501,637,330,902,918,203,684,832,716,283,019,655,932,542,976
    2. Grains of sand on the earth 2^63

 

6 . Bitcoin’s first time on a real TV show

Bitcoin Showed up on public tv in 2012 on the show The Good Wife. The episode entitled ‘Bitcoin for Dummies’ gave one of the best first impressions of bitcoin to the public. However in the episode it’s the creator vs the US treasury, which to the Bitcoiners is kinda funny since so far the US treasury has been the least of their worries.

 

7 . Bitcoin Stolen on live TV

In 2013 a local news anchor in an attempt to spread awareness gave 2 other anchors paper wallets. However unlike most presents it shouldn’t be unwrapped on live tv, as he exposed the private key on the air. Allowing a bitcoin user to scoop up the coins pretty much immediately. Though they let him keep the BTC, however he did leave them with a little lesson on just how Bitcoin really works.

    1. http://gizmodo.com/a-tv-anchor-tries-to-gift-bitcoin-on-air-is-immediatel-1488636715

 

8 . Bitcoin Community isn’t just about itself

The most upvoted thing on r/bitcoin is not about bitcoin, it’s about big banks getting away with secrecy they are using to make money.

    1. https://www.reddit.com/r/Bitcoin/comments/2hj2lc/the_secret_goldman_sachs_tapes_the_reporter_jake/

 

9 . Send Bitcoin with pictures

Sending bitcoin does not have to be boring or even obvious. It is trivial to include a transaction in anything digital. Pictures, pdf, even emoji’s can contain all the needed info. Soon sending Bitcoin with a wink will be a breeze. So for those that ask, “why can’t they just ban it”. The answer, there is no part of a bitcoin transaction that can’t be disguised easily.

 

10 . Bitcoin exists in the real world. Probably even where you live.

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